Recharge insurances

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JakeM
Posts: 2
Joined: Mon Mar 25, 2019 10:22 am

Recharge insurances

Post by JakeM » Mon Mar 25, 2019 12:00 pm

How do I add a recharge to leasehold tenants so that every year I amend the figure due to their insurance?

Shmuel
Posts: 2
Joined: Thu Mar 21, 2019 6:38 pm

Re: Recharge insurances

Post by Shmuel » Mon Mar 25, 2019 12:32 pm

There are several ways to deal with recharges (service charges) and which you use depends on the complexity of the service charge activity.

If all you are ever going to do is recharge insurance then just add an other line to the Rent Charge Details (in Tenants Maintenance) and enter a charge line with the appropriate amount and a 'Per' set to: O - One-off

It will then charge it once and then automatically get disabled. Next year you come back, change the amount and re-enable it by entering a Due Date.

Notes:

With One-off charges the 'Start From' and 'Stop Before' dates have a special meaning. They are the dates that will be printed on the Rent Demand as being the relevant period for the charge. In the case of insurance that should be the policy start and end dates.

The little box headed 'Note' is for internal use but if you start the note with 'RD: ' (you must have the space after the colon for this to work) then whatever you type after that will be printed on the Rent Demand.

JakeM
Posts: 2
Joined: Mon Mar 25, 2019 10:22 am

Re: Recharge insurances

Post by JakeM » Mon Mar 25, 2019 1:06 pm

Thank you for your swift response.

Please could tell me an alternative way?

We discussed having a fail-safe method where it would prompt you every time you add an expense?

Shmuel
Posts: 2
Joined: Thu Mar 21, 2019 6:38 pm

Re: Recharge insurances

Post by Shmuel » Mon Mar 25, 2019 1:41 pm

Yes, that is the standard method.

In Unit Maintenance you set up recharge percentages by category for each unit subject to service charges.

Once that is done then every time you enter an expense for that property it will prompt whether to recharge or not and which category to use if yes.

There would be some fine details to sort out as to frequency and dates of recharges.

If you want a quick and simple method just for insurance then go with One-off charges.

If things are more complicated then this second method would be appropriate.

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