Budget Summary Report for Outgoings/Service Charge

  • Updated

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.

The Budget Summary Report is a crucial tool for monitoring the financial standing of your property by comparing the Summary tab against a set budget. This article will guide you on how to access and utilize the Budget Summary Report effectively.

 

Accessing the Budget Summary Report

To begin delving into your property's budget analysis, accessing the Budget Summary Report is your first step:

  1. Navigate to Reports menu.
  2. Under the General section, select Budget Summary Report.

This report is also available from the Reports tab within the budget.

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Filtering and Customizing the Report

Personalize your Budget Summary Report with the following options to get the exact financial insights you need:

  1. Choose Report For to set the scope of your report.
  2. Select the Property to Include for focused budget analysis on a particular property.
  3. Specify the budget year or version with For the Budget.
  4. Toggle Show Breakdown by Cost Classification to organize expenses into categories.
  5. Enable Show Budget Allocations to view detailed fund distribution within the budget.
  6. Include Show Budget Notes for annotations or justifications on budget entries, if required.
  7. Choose to Show the variance to spot discrepancies between your budget and actual expenses.
  8. Display chart of account codes for clarity on expense coding.
  9. Compare up to two different budgets by selecting up to two budgets to compare against.

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Analyzing the Report Data

Upon creation of your report, you will encounter:

  • A comprehensive view of each budget schedule, with expenses and planned costs associated with each account.
  • Variance columns, if this filter is applied, allowing straightforward comparisons between budget estimates, actual expenditures, or other budgetary figures.

 

By understanding and applying these detailed data views, you can maintain and strengthen your property's financial health.

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