Property Details

From WikiProperty

Contents 1 Entering Rents 2 Entering Mortgages 3 Property Related Expenses 4 =Tenant Related Expenses 5 Property Details 6 Property Related Lease Details 7 Ownership 8 What is 'Special Access' all about?

Entering Rents

The purpose of this screen is to enter and to be able to correct rental income from a tenant for a property. Address information is given to ascertain that the correct property has been selected. Current rental information is given to help ascertain that the correct rental is being inputed.

1. ‘Copy Previous Month’s Rent’ will add one month to the latest ‘Date Rent Received’ but keep the ‘Gross Rental Amount’ and GST Amount’ the same. This data will be entered into a new row.
2. When first opening the ‘Rent Received’ Input Screen, The 7 most recent rows should be showing with the last line ready to receive input data.
3. The ‘GST Amount’ should default to the correct amount based on the GST formula but this can be over-ridden by the user.
4. The default ‘Date Rent Received’ date will be the previous rows date plus one month.
5. The ‘Current Annual Rental’ will be determined from the ‘Lease Event’ table.
6. The ‘Monthly Rental (inc. GST)’ will be the Current Annual Rental divided by twelve months and GST added by the GST Formula.
7. ‘Since’ is the date in the ‘Lease Event’ table when the current rental was established.

Entering Mortgages

The purpose of this screen is to input and maintain mortgage payments that have been assigned to a property. Mortgage payments can be at a Lease Property level or at a Holding level. If assigned at a Holding level then the Lease Property’s ‘Mortgage Split Ratio’ is used to calculate amount to assign to a lease property. All mortgage details are held at a Lease Property level and not at a Holding level. If a mortgage amount is entered at a Holding level it can only be edited at the Holding level but can still be seen and used in calculations at the Lease Property level.

Property Related Expenses

The purpose of this is to input and maintain expenses that have been assigned to a property. Expenses can be at a Lease Property level or at a Holding level. If assigned at a Holding level then the Lease Property’s ‘Expense Split Ratio’ is used to calculate amount to assign to a Lease Property. All expense details are held at a Lease Property level and not at a Holding level. If an expense is entered at a Holding level it can only be edited at the Holding level but can still be seen and used in calculations at the Lease Property level.

=Tenant Related Expenses

The purpose of this screen is to input and maintain expenses that have been assigned to a tenant. Normally the tenant reimburses the landlord for these expenses. If the tenant can’t, or won’t, or has gone broke etc then it becomes an expense the landlord bears.

Property Details

This has two purposes. The purpose of the first (top part) of this screen is to set-up and maintain all information relevant to a property. The purpose of the second (bottom part) of this screen is to enter lease details for the property. This part also leads on to another screen (by pressing the ‘Lease Details’ button) for complete lease details and leasing events (e.g. lease commencing date, rent review date, lease renewal date etc). Note that a property can have more than one tenant at a time and also over time.

1. A property must either be a ‘leased unit’ or a ‘holding’. A holding is a way of grouping leased units for ownership and reporting. An expense and mortgage may be put against a holding but the ‘Expense Split Ratio’ and ‘Mortgage Split Ratio’ will apportion and assign to the holding’s lease units.
2. A holding will not have a physical address, Legal Address, Business Zone, expense split ratio, Mortgage split ratio, valuation details, price paid, Date purchased, building area, land area or any tenants.
3. A Lease Unit that is not part of a holding can not have a ‘Expense Split Ratio’ or a ‘Mortgage split ratio’.
4. The ‘Holding Property’ will default to ‘No Holding Property’.
5. If an area (m2, ft2) is entered its metric/imperial equivalent is calculated and displayed.
6. Before a tenant can be selected it must have been entered.
7. The commencement date, Final Expiry Date, Next Rent Review, Next Lease Renewal and Current Rental is determined from the table Lease Event (and entered on the lease details screen which is obtained by pushing the Lease Details button.

Property Related Lease Details

The purpose of this screen is to enter all the relevant lease details and record events (diary of future and past happenings)

1. The Tenant name, address and property details are displayed to ascertain the correct property/tenant is selected.
2. The Monthly Rental (inc GST) is calculated from the ‘Net Rental PA (Ex GST)’ divided by twelve months and with GST added by the GST formula.
3. The ‘Events, Lease Renewals, Rent Reviews etc.’ can be selected from a pull down list or any other wording can be entered.
4. The first row will default to ‘Lease Commencement’.
5. The event order is required because not all events have a ‘Due Date’

Ownership

Multiple Ownership

If a holding (for example company or trust) or property has more than one owner you may record this under 'Ownership'. This has some special implications.

If the holding or property has multiple owners it will have its own GST number so needs its own GST return. For GST purposes you will need to produce an individual GST report for that holding/property. If the holding/property is part of another holding it will not be included in that holdings GST calculation. This means you will be able to produce the correct reports for your GST returns. The same principle also applies to end of year financial reports.

For analysis purposes most of the reports either ask which owners to include or gives a message to what has been included. If anything to do with holdings and/or multiple ownership is not making sense please email me with your situation and I can advise. Note that it is a simple matter to alter holding/property and ownership structure at any time. Any mortgages, rents, expenses etc you have entered for a property are not affected.

What is 'Special Access' all about?

The purpose of 'special access' is for one member to be allowing another member access to reports for a property or a holding. This is especially important for two different situations below:

1. Property Managers - A property manager will be doing the everyday tasks required but it may be desirable for the property owner to be able to also access the reports.
2. Property Owners - Property owners will want to allow access to their accountant for doing the accounts for the end of the financial year and possibly for GST.

• There are no extra costs with using 'Special Access'. The members being given 'Special Access' do not have to have any of their own properties. They just need to sign-on as members.

• 'Special Access' is only giving access to relevant reports for that property or holding. They can not entered or change any information.

• A member can grant any number of other members 'Special Access'.

• Access can be given to an individual property and/or to a holding.

• Any number of 'Special Accesses' can be given.

• Access can also be controlled by a start and end date. For example you may give your lawyer access between 15th January 2002 to 30 February 2002 but give the accountant unlimited access.

• Every time a report for a property or holding is produced, an email is sent to the member who gave access. This email states what report was accessed, by who and the date/time accessed.

• To give another member access you must know their Property Returns 'user name'. Once you have set up access, the other member need to know your user name and your encryption key. Do not also give them your password otherwise they could sign on as you. For security reasons (if you are using 'Special Access') you should make your password different to your encryption key. Your password and encryption key is easy to change in 'Your Profile'.