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Setting up a Property in Property Returns
Below is the suggested order in setting up a property in Property returns. This is not
the only possible order to set things up but is a good start. To follow this order either print this page or keep
it open in another window.
a. Set-up Address Book.
First of all set-up your tenants in the address book. Next set-up property owners
(only required if there is shared ownership). Now set-up any organisation or person who you may want to record
a contact with. You may add extra entries at any time.
b. Set-up Holdings.
This is where you need to start thinking about what is a holding and what is a property.
A property is what you lease out. A holding is a grouping of properties and possibly other holdings.
If you own one building which has three letable areas (which are not subleases), you own three properties
with one holding. If you have a trust that owns that building and other buildings then you have a holding
(trust) that owns a holding (building) that contains three properties. The holding (trust) could also have
other properties directly assigned to it. A property does not have to be assigned to a holding. Reports can
be at the property or holding level. You may want your GST report to include all relevant properties.
Properties with multiple owners are excluded from the GST reports. Each multiple owned property/holding has
its own GST report. A mortgage or expense can be assigned to a holding. This will then be automatically allocated
to its properties. This will make financial reporting and projections more accurate.
Professional property managers normally set up a top holding for each client.
Some use different log-on for each client as they wish their client to have more than 'Special Access' (see below).
If you don't want to use Holdings or are confused by them, don't use them.
Just set up a Property for each lease you have. You can always set Holdings up later.
c. Set-up Properties.
A property is a leaseable unit that is leased with one lease aggrement. If you have
questions or concerns please discuss it with us. A property may be assigned to a 'holding' as it is being set-up.
Enter all relevant property information. All information that could identify you or the property is encrypted
using your encryption key. If you are still worried about privacy use names like 'North Penrose' and don't
enter address information.
d. Set-up Mortgage Accounts.
Find the property or holding then click on 'Mortgage' then create the mortgage account(s).
If you enter account balance and date your projections will be more accurate.
e. Set-up Expense Categories.
Find the property or holding then click on 'Expenses'. From here you can establish
your expense categories for whatever way you wish to analyse them. Five categories have been set-up for you.
up for you. Only set-up extra categories if you wish to record expenses against the different categories.
Extra categories could be say electrical or insurance.
f. Set-up Lease Event Categories.
Find the property or holding then click on 'Lease Details' then 'Lease Events'.
At the top you will find 'Lease Event Categories'. A lease event is a something like a rent review or lease renewal.
It may be specified on the lease document or maybe something that happens during the life of the lease.
There are four already set up for you. These are lease commencement, rent review, lease renewal, right of renewal.
You may wish to add your own such as temporary rent reduction start, temporary rent reduction end, rental
increase due to improvements. You may add extra categories at any time.
g. Set-up Lease.
Find the property or holding then click on 'Lease Details'. Record any lease
information you consider relevant. Note that information that could identify the tenant is encrypted using
your encryption key.
h. Set-up Lease Event.
Find the property or holding then click on 'Lease Details' then 'Lease Event'. Set-up
'lease events' for the lease. This will include date for lease commencement, date for rent review and lease renewal
etc. Once a rent review and taken place you can record the actual date of the rent increase and the new rent.
i. Enter Rent Received,
Mortgage Payments & Expenses.
Find the property or holding then click on 'Rent'. Everything is now set-up. You may add
as much history (ie rents, mortgage payments, expenses) as you wish. For financial projections it is best to have at
lease one years worth.
j. Set-up Grant Special Access.
Find the property or holding then click on 'Special Access'. You may wish to be able
to grant access to your accountant, lawyer, real estate agent etc on information regarding a property. Another
use may be for property managers to allow access for property owners. The other party will be able to run any report
on that property. They will not be able to alter or enter any information. You may determine between which dates
this information will be available.
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