Budgets

The budget function on the building card allows you to plan each building’s income and expenditure for the coming levy/fee year. Once the budget has been approved by the AGM, you can accept it on PropertyIQ, triggering the automatic striking of levies for the coming year and rolling over the levy/fee year. The budget function allows you to create budgets for your admin fund and your sinking/reserve/capital works/maintenance funds and separate budgets for each schedule in a multi-schedule building. The BMC budgeting function allows you to calculate budgets for Building Management Committees.

Settings that affect budgets (2 mins)

  • Budget calculation settings
  • Report layouts
  • Sending an annual levy notice

Viewing budgets and editing invoices (2 mins)

  • How to view current and previous budgets
  • How to edit a supplier invoice from the budget screen

Preparing a budget calculated on expenditure only (5 mins)

  • How to prepare a budget when the calculated amount to collect is based on expected expenditure only

Preparing a budget calculated on expenditure less income (5 mins)

  • How to prepare a budget when the calculated amount to collect is based on expected expenditure less expected income from sources other than levies/fees.

Preparing a budget calculated on levy income only (4.5 mins)

  • How to prepare a budget when the calculated amount to collect is based on expected levy/fee income only.

Accepting the budget and striking the levies (2 mins)

  • How to accept the budget, triggering the automatic striking of levies.

Management Committee (BMC) budget processing

Building Management Committees need to create budgets using different criteria to those used for strata buildings, with contributions calculated using different allocation methods. The allocation methods settings allow you to create different percentages for different types of expense.

Preparing a BMC budget (2 mins)

  • How to prepare a BMC budget
  • Note: Regardless of which calculation method you have selected in your budget settings, all buildings with BMC Budgeting enabled will calculate their budgets based on expenditure only

Accepting a BMC budget (1.5 mins)

  • How to accept the BMC budget, which triggers the automatic creation of the levies and rolls over the levy year

BMC Budget setup (1.5 mins)

  • How to enter allocation method, cost share and notes

  • Click here to view the detailed manual about budgets.

  • Click here to view notes about buildings that offer discounts for early/on time payments.

  • Click here to view notes about pre-issue instalments