Archiving a Budget

  • Updated

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 article serves as your step-by-step guide on how to effectively archive a budget within Re-Leased. Archiving a reconciled budget is a permanent action that removes the budget from active view and it cannot be undone. A budget in Approved or Draft status can still be restored. Understanding the implications of this function is crucial for the accurate maintenance of your financial records.

Steps to Archive a Budget

Follow these straightforward steps to archive a budget:

  1. Navigate to the specific Property.
  2. From the left-hand menu, select Outgoings.
  3. Click on the Budgets tab at the top of the page.
  4. Identify and click on the hyperlink of the budget you wish to archive.
  5. Seek out and press the Archive button, located at the bottom right-hand corner of the screen.
  6. A prompt will appear to confirm your action. Click on Archive This Budget to finalize the archive process.

Note: While archiving a budget will not directly impact the Leases/Tenants rent template, it's important to manually remove the line item corresponding to the Budget/Service Charge from the rent template to ensure continued accuracy in your financial reporting.

Considerations Before Archiving

Before proceeding with archiving, be certain that the budget will no longer be necessary for future reference. It's often a good practice to review and confirm that all budgeting needs have been met and that stakeholders are informed about the archiving action.

Restoring an Archived Budget

  1. Click on the Archived Budgets tab.
  2. Locate the budget you wish to restore and click the Restore button.
  3. Click Restore again. This will move the budget back to the Approved or Draft status. 

Please note, that any budgets archived under the Reconciled status will no longer be available to restore. 

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