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 knowledge base article explains the processes for managing lease/tenant allocations within your property budget. Whether you're adding or removing lease/tenants, we'll cover how to handle Budgets by Area and Budgets by Leases/Tenancy. Efficient management of lease/tenant allocations is vital for precise billing and financial tracking.
Budget by Area
When you're working with a Budget by Area, lease/tenant additions are readily integrated into the budget as you allocate an area to them.
Attaching an Area to a Lease/Tenancy
- Go to the lease/tenancy record and select Occupied Areas.
- Click on Add Area.
- Check the box for the relevant Area and select Save.
After attaching an area to a lease/tenancy, the system does not automatically revise the outgoing amounts the lease/tenant owes. You can handle this in two ways:
- Manually create or update an Outgoing Template within the lease/Tenancy. You'll have to calculate the cost to be recovered and record it in the template.
- Amend the budget and approve these changes. For further guidance, review our Modifying an Approved Budget. During the approval process, the system will update the allocations for this lease/tenancy.
To complete the update:
- Select the pertinent information.
- Press Save. Be aware, the system divides the amount by the payment frequency for the year, necessitating manual calculation and adjustment to amass the correct sum for the lease/tenancy’s share of the budget.
- Choose Save All and Approve to finalize the updates.
By applying these steps, you'll be able to manage lease/tenant additions and removals adeptly within your property's budget, safeguarding accurate financial records and ensuring leases/tenants are properly billed for their occupancy periods.