Manual entry of service charges is now automated on MYRE, saving significant amounts of time. Property managers can now concentrate on higher value-added tasks.
Expenses are an integral part of an asset's budget, covering and anticipating all the needs associated with its proper operation, such as maintenance of common areas, elevator costs, or condominium work...
Depending on the terms of the lease contract, the owner or lessor will call for service charges from the lessees on a monthly or quarterly basis via service charge provisions.
These are either determined on the basis of annual budget estimates. In this case, the manager forecasts all future expenses and automatically calculates the charges for the tenants.
Or "one-shot" rebilling, which means that they are paid in a single instalment during the year, based on actual expenses received.
What does MYRE bring to property managers with this new feature?
This feature distinguishes between a provisional call for charges based on an annual budget and a charge billed outside the budget and payable immediately. This is often the case with property tax, for example.
To make a chargeable expense "one shot", it is essential to have a budget in place, whether or not an expense has been entered. Once the expense has been defined as rebillable from the asset, and can be countered at lease level, simply select the rebilling option in the billing module at asset level.
Then define the expense item and the specific expense to be rebilled. The calculation is performed automatically, taking into account tenants and leases, as well as any exemptions associated with the charge. In one click, the invoice is generated with the correct amount.
MYRE makes re-invoicing easier by automating the process, saving time, eliminating potential errors, centralizing data and making invoicing as easy as a single click.
