Service Charges (*in development)
OWNER's service charge feature automates the calculation and invoicing of service charges. Save time and effort.
What is it?
With the service charge module in OWNER, you can automatically settle your service charges with your tenants. Based on the prepaid advances and the booked purchase invoices, we prepare a draft service charge settlement. This draft can be freely adjusted and, once approved, can be automatically invoiced to your tenants. If your tenants need to pay a lot more or get a substantial refund, the advance can be automatically adjusted.
Why do I need it?
It's no secret that many property managers, in general, do not look forward to settling the service charges. Calculating the invoiced advances can be tricky and time-consuming. The costs need to be known and allocated to the respective units or tenants. Then there's the calculation to set these costs correctly against the advances. Once you've done all this, the settlement still needs to be invoiced and sent to your tenants with the proper documentation. By using the service charge settlement within OWNER, all the above is fully automated.
How does it work?
Through the settings, you first create a new service charge settlement. When creating this settlement, we ask which units are covered by this settlement, what the distribution key is, when this settlement should start, and what types of costs are involved.
To then draw up a correct service charge settlement, we need the right data. This starts with the advances that your tenants have been invoiced. Therefore, make sure you invoice from OWNER and add an invoice item to each contract, called: "Advance Service Charges". There must have been invoicing from OWNER for at least the period of the settlement. OWNER needs to know per tenant what the invoiced advance was during that period.
The costs also need to be known. Therefore, use the purchase invoice option within OWNER. Each invoice you want to include in the settlement must be booked and allocated to one or more units covered by the settlement. When booking the invoices, the distribution key set earlier in the settings is automatically applied.
You can view the settlement live at any time through the Financial menu, "Service Charges". Once the service charge year is over and all costs are booked, you can check the draft settlement, adjust if necessary, and send it to your tenants.