The term "Budget" varies depending on the region. For our Asia-Pacific customers, it's often referred to "Budgeted Outgoings." European users will see it labelled as "Service Charge," while those in North America will find it listed as "Operating Expenses." The terminology used in the app adjusts based on your location. For additional clarity on regional vocabulary, please see our Glossary of Regional Terminology.
This guide aims to provide you with an easy-to-follow process for modifying an approved budget. Whether you need to update figures, reallocate funds, or accommodate new leases/tenants, we'll show you how to seamlessly revise the budget.
Steps to Modify an Approved Budget
- Navigate to and select the relevant Property and click into the Outgoings tab.
- Within Outgoings, click on the Budgets tab.
- Locate and click into the budget you wish to adjust.
- Once viewing the selected budget, click on the Modify button.
- Click Confirm to authorize the action.
Modifying and Approving Your Draft Budget
With the draft budget now open for editing:
- Make the necessary adjustments to your budget figures and details as required.
- Review your changes ensuring everything is accurately represented.
- Proceed to approve the revised budget, following the same procedures as you would when Approving the budget.
If your property has welcomed new leases/tenants, consider updating the allocations. The system facilitates this through the edit allocations feature when approving the budget again. If you do not need to update the Outgoings details for the templates, click Skip All & Approve during the allocations process.
By updating your budget through these steps, you maintain a clear and auditable financial trail that reflects the current status of your property's outgoings and lease/tenant commitments.