Those located in Europe will use the term "Service Charges", where customers located in North America and Asia-Pacific will use the term "Budgeted Outgoings". For more information on regional terminology, please refer to this article.
Managing property budgets and services charges can be a complex and time-consuming task. However, with the right tools and techniques, this process can be made efficient and result in optimised financial outcomes. This article delves into the Budget by Area functionality, covering various aspects of the process throughout the budget / service charge period.
This article serves as your guide to handling property budgets and service charges effortlessly with the Budget by Area feature. For a more comprehensive insight into the topics covered in this article, we have provided a detailed video tutorial. The tutorial videos offer step-by-step guidance and practical demonstrations to help you navigate property budget management and services charges effectively:-
1. Creating a New Budget by Area
Begin by formulating detailed budgets catered to different areas within your property. This ensures your financial tracking is precise and proportional to the area size, or based on the tenant's percentage allocation.
- Understanding the chart of accounts/nominal codes
- Calculating area sizes
- Applying percentages or concessions to a tenancy/lease
- Adding and reviewing a draft budget
2. Structuring Budget Schedules
Learn the importance of budget schedules and explore diverse approaches to allocating expenses.
- Selecting the appropriate allocation method
- Handling multiple schedules with the same expense
- Assigning an expense to a schedule
3. Approving Budgets
Seamlessly advance your budget through the approval process with Re-Leased's supportive tools:
- Steps for approving a budget
- Strategies for invoice allocation
- Incorporating owner contributions
- Utilizing approval templates
- Anticipating potential pitfalls
4. Modifying a Budget
Should changes be necessary in an approved but unreconciled budget, modifications are manageable:
- Integrating a new tenancy
- Adjusting budget details
- Using the Skip & Approve option
5. Rolling over a Budget
As your budget period concludes, ready your finances for the upcoming term using the budget rollover function:
- Generating a sequential copy of the existing budget
- Approving or reconciling continuity planning
5. Budget Reconciliation
A tutorial video detailing the reconciliation process will be available soon.