1. Permissions

Additional permissions added in Settings/User Roles/Property to accommodate users who can approve & reconcile a budget by area

 

2. Name Change – Service Charge is now Property Charges for our UK clients ONLY

 

 

 

 

 

3. Viewing a Draft Budget by Area

New Client Contribution Tab

There is a new client contribution tab when approving budgets. It shows the expected liability based on the budget and includes concession & percentage shortfalls and vacant areas.

The Client Contribution tab is grouped by Area and shows the expected liability (over or under allocation) because of:

 

  • Concession shortfalls
  • Vacant areas
  • Percentage shortfalls (account allocations that are not 100% allocated)

     

If there are no liability items for the Owner, then the contribution will be £0.   

 

4. Approving a Budget by Area

Link to the article - https://help.re-leased.com/support/solutions/articles/8000082019-approving-a-budget-by-area

New - Ability to create repeating income invoice for client contribution

The Repeating Invoice pulls through the total Owner contribution liability amount and defaults to a monthly invoice frequency across the budget period.  If you wish to change the frequency, you will need to manually adjust the periodic amount.  

Note that a repeating invoice cannot be generated for a credit, so if the Owner is in credit the Create Repeating Invoice button will not appear.

You now have the ability to select a custom frequency when creating a repeating income invoice.

In addition, a Budget Certificate is also now available in the Reports tab and can be downloaded for all tenants who occupy an area in the budget. This can be used to inform them of their contribution towards the total budget amounts.  Additionally, many other reports are now available given the budget is approved.

 

5. New - Approved Templates

Once a budget is approved, an Approved Templates tab is visible.  This summarises the approved budget at that point in time.  Any modifications made to the budget after this point are not reflected in this tab.


In addition, a Budget Certificate is also now available in the Reports tab and can be downloaded for all tenants who occupy an area in the budget. This can be used to inform them of their contribution towards the total budget amounts.  Additionally, many other reports are now available given the budget is approved.

 

 

 

6. Name Change & New functionality – Close Budget is now Lock

Once an approved budget has passed the budget end date and is ready to be reconciled, it can be locked.  Locking the budget sets a date and time stamp which determines which invoices are included in the budget and which ones should be included in the next budget.  Any invoices created after the budget is locked will not be included in the budget.

The lock date simply looks at the timestamp of when the invoice was created to include it or not. We therefore recommend, only locking the budget when you are ready to do the reconciliation. The default date (today’s date is sufficient) do not use the end of the budget period. 

A confirmation message will be shown

Once confirmed, the reconciliation process can begin.

If the budget needs to be un-locked, just click the Un-lock Budget button.

Please Note:

  • When the current date is selected when locking, the system will not allow any New Invoices created to enter the Budget going forward.
  • When a past or future date is selected when locking, the system will allow all Invoices created for that whole date, up until midnight.
  • Any changes made to the Invoices which are within the Lock Date will be automatically updated. The system doesn't keep a copy of the way the Invoice looked at a particular time, it only includes or excludes based on the Invoice CREATED date.
  • Service Date

The Service Date has been introduced to give you more flexibility in assigning an income or expense invoice or credit note to a particular budget period.

6. Settings

https://help.re-leased.com/support/solutions/articles/8000089536-how-does-service-date-work-

Service Date settings are found under Manage Companies in the Invoicing Section:

Service Date is defaulted to ON and can be switched to OFF for any Company.  Applying a Service Date to an Income or Expense Invoice or Credit Note allows the user to choose a date for the invoice or credit note to be allocated in the budget.  If Service Date is set to ON (default) at a Company level, then the Service Date field will show on all Income & Expense Invoices, Credit Notes and associated budget screens & reports.  

NB: If you do not enter a value into the Service Date field, then an Invoice will follow existing logic whereby an Income Invoice will fall into a budget based on Due Date and an Expense Invoice and Income/Expense Credit Note will fall into a budget based on Issue Date.

If the Service Date is set to OFF at a Company level, then the Service Date will not show on Income & Expense Invoices or Credit Notes.   

 

Note that Service Date cannot be applied to Repeating Invoices. 

 


Example of Income Invoice showing Service Date

 

In the example below the Income invoice generated is a quarterly invoice with an issue date of 01/12/2020 and a due date of 25/12/2020. However, we need this income to be included in the service charge budget period 01/01/2021 to 31/12/2021 therefore a date of 01/01/2021 was entered in the Service Date.

 

Example of Expense Invoice showing Service Date

 

In the example below an expense, invoice was received in Jan 2021. The invoice date is 16/01/2021 however the actual work (description) relates to the service charge budget period 01/01/2020 to 31/12/2020, therefore, a service date of 31/12/2020 was entered in order for this invoice to be included in the correct budget period.

 

7. Additional Functionality

Ability to enter negative values in the budget

A negative value can be entered against a budget chart of account.

Notes Field

You can now enter up to 1500 characters in this field.

 

Reports

Budget v Actual Reports

Provides an option to group/subtotal by cost class and there is the ability to get a more detailed view of expenses by selecting the invoice amounts.

 

  

 

Expense Report 

If there are income invoices or credits that have been coded to an expense account in the budget, these will show as an exception at the bottom of the report (shown below). 

Any invoices/credit notes that are in draft or awaiting approval which belongs in the budget (have an issue date within the budget period and are using an expense code included in a schedule) are also displayed in a separate section Invoices/Credit Notes with a status of Draft or Awaiting Approval'. 

Additionally, any invoices added after the budget has closed will show as an exception at the bottom of the report

 

 

Income Report

https://help.re-leased.com/support/solutions/articles/8000082259-outgoings-budget-income-report

The Income Report now shows any Tenant concessions against the tenancy (type of concession & amount) It also includes a new section at the bottom of the report for unapproved invoices & credit notes.

 

Service Charge Client Certificate

https://help.re-leased.com/support/solutions/articles/8000089516-outgoings-budget-owner-certificate

Download this Certificate to view the Owner’s expected liability based on budgeted values.

Service Charge Client Statement

https://help.re-leased.com/support/solutions/articles/8000089519-outgoings-budget-owner-statement

Download this Statement to view the Owner's actual liability after reconciling the budget.