The Property Budget page allows you to set your annual for a property. This is useful to a number of reports as well as allows you to set Tenant's Additional Charges (CAM, Taxes and Insurance) based on the Property Budget.
To go to the Property Budget page and to create a budget, click on the Properties link on the Top Navigation Menu, select the Property and then click on the Property Budget link under the Actions menu on the left hand side.
Create the budget by clicking the Create New Budget in the bottom right of the page. There are two ways to create a budget: Either model the budget after a previous budget you've made, or if it's your first time, create one from scratch. Let's walk through each option:
Creating A Budget From Scratch:
Once you've clicked on Create New Budget, enter in the year of the budget. Under that, there are two options for creating a budget. Click the one on the right labeled "Create by Selection".
- Now go through the categories listed the budgeted amount for that category. Any category with a $0 will not be displayed if you select the Suppress Zero Dollar items checkbox. And remember, you can always add more categories later.
- Once you're satisfied with your choice in budget expenses, click Save. Now you've added a yearly budget. But what about monthly? Don't worry, you can add each month manually, or if it's the same per month, Autofill Monthly can automatically fill it in for you. If you decide to change each months budget and it differs from the original yearly budget, click Autofill Total to update it. (Note: To use the autofill feature you must first select an expense(s) using the checkboxes)
Creating A Budget From Previous Year:
Modeling a new budget after a previous year saves you a lot of time, especially if the new budget is exactly like the old one. Here's how to model a budget:
- This process is very similar to creating one from scratch, but instead of clicking "Create By Selection", select a previous year's budget to model the new one off of, then click "Copy Budget data". This will autofill the budget data form the selected year, and you may change whatever data that you feel is necessary.
Adding A Category:
If you forgot to add a certain expense to your budget, don't worry. Just click Add Category to view the unselected expenses, and select the ones you wish to add. Then click Save and enter the values to those categories.