Budgets: Overview of Commercial and Service Charge Budgets
Dwellant now supports 2 different types of Budget
Differences |
Commercial Budgets |
Service Charge Budgets |
|---|---|---|
| Used by | Commercial Property Owners and Commercial | Residential Managing agents, and in theory Commercial that just manage Service Charge |
| Key Differences - why | Used to Control spending and to warn of over spending |
Used to communicate new year financial plans Set Service Charge Demands levels |
| Differences in Dwellant |
Contracts renamed as POs Setup > Accounting > Budgets |
At the moment Invoices > Budgets |
Variations-
Commercial
We have Two scenarios our customers need:
Hard Budgets - You are not allowed to raise POs over when your budget is exhausted. If you need more money you need to speak to your managers and get approval. These companies own building in financial funds that have strict AAF Audit regulations. These “Rules” mean you are not allowed to spend unless within an authorised budget.
Soft Budgets - These companies Manage or Own properties, but they either own directly or manage under funds that don’t require these stringent controls.
|
Hard |
Soft |
|---|---|---|
| Purchase Orders (POs) | Cannot raise if funds exhausted | Warning when you raise |
| Invoice Processing | Cannot approve invoices | Get a warning in Invoice processing screen (aka 'IPA') |
| To Change | Portfolio Accountant needs to edit (staff cannot edit budget) | Can keep spending. Projects/budgets don’t need to change. |
Service Charge Budgets
So far we have only setup service charge budgets for a few of our clients.
We expect to implement this for a few more others going ahead.