If you charge your owners a fee to produce the Income & Expenditure / End of Financial Year Statement, you need to decide if you are charging the fee in the current financial year or the next financial year.
Contents:
Option 1: Charge Fee in the Current Financial Year
*Please be aware this function will be effective from 27th June.
If you choose to charge your owner a fee in the current financial year, the transaction will appear on the Income & Expenditure Statement for this current financial year.
When completing your June end of month through the Payout Wizard, you will notice an option to charge the Financial Statement Fee. By default, the checkbox will be ticked.
If you leave the checkbox ticked, the following will occur depending on when you process end of month:
- If you process your end of month on or before 30 June, the fee will be charged & dated the day you ran end of month, OR
- If you process your end of month on or after 1 July, the fee will be charged and backdated to 30 June
The transaction will only appear on the Income & Expenditure Statement if the owner has sufficient fees. The option to charge the Financial Statement Fee will be visible in the Payout Wizard one week prior to 30 June.
Option 2: Charge Fee in the Next Financial Year
If you choose to charge your owner a fee so it appears on next years Income & Expenditure Statement, the charge can be applied at the same time you generate the Income & Expenditure Statement.
Complete the following on or after 1 July:
- Navigate to Property Management > I&E Statements > Generate I&E Statements
- Ensure the checkbox Charge Owner (if Financial Statement Fee is defined for the management) is ticked
The checkbox to charge the owner will be ticked by default. If you raised the fee during your June end of month (through the Payout Wizard), this checkbox will be unticked to avoid a double charge.
