The term "Outgoings" differs across regions. 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 might find it listed as either "Budget Outgoings" or "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 is designed to guide you through the Outgoings Budget/Service Charge Summary Report, a comprehensive tool offering a high-level view of your property's budget. By mastering this report, property managers and stakeholders can enhance their financial oversight and maintain clear communication regarding budget allocations for various cost items.
Accessing the Outgoings Budget/Service Charge Summary Report
Just follow these steps:
- Select the Reporting menu.
- Under the General tab, navigate to the Budgets by Area section.
- From the available options, Outgoings Budget/Service Charge Summary Report.
- Alternatively, this report is also available from the Reports tab within the budget.
Using Report Filters
The ability to customize the Outgoings Budget/Service Charge Summary Report is one of its standout features. Here's a quick guide on the filters available and how to use them effectively:
- Report For: Choose the company for which you want to generate the report.
- Property to Include: Choose the property or properties for inclusion in the report.
- For the Budget: Pick the specific budget you're focusing on.
- Budgets to Compare: Compare different budgets within a single report if needed.
- Show Breakdown by Cost Classification: Group expense accounts by cost classifications for better organization.
- Show Budget Allocations: View how the budget is distributed across expense accounts.
- Show Budget Notes: Include any comments or additional details attached to budgeted items.
Interpreting the Report's Data
The Outgoings Budget/Service Charge Summary Report contains a wealth of information:
- Schedule titles that outline the types of expenses.
- A summary of each expense account and its budgeted cost within each schedule.
- Insight into how expenses align with cost classifications.
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Notes that provide context or further clarification on budget entries.
Clarifying your objectives is vital when utilizing this report. It's tailored to support various goals, such as comparing financial performance against the budget, engaging with stakeholders, or strategizing for the future.