At the end of each financial year, Landlords are required to provide their Tenants with an audited annual statement of actual outgoings, usually set to be delivered within a certain time frame after the financial year-end.
Before the audited statement can be signed off and provided to the Tenant, a reconciliation must have been made to calculate the variance between the amount of the budgeted outgoings already paid by each lessee, and the number of actual outgoings incurred.
Progen can help you with this time-consuming and sometimes complicated activity by automating the process. The software contains the functionality to handle all potential outgoing rules specified in a lease, notably:
As a part of the process, which includes the creation of the adjustment transaction, you will be able to download a report for each lease explaining the reconciliation. This report and the adjustment invoice, or credit note, can easily be printed or emailed directly from the system.
Whether you manage leases from a Landlord's or a Tenant's perspective, it's important to budget for your costs, including outgoings. Progen can be used to handle both sides of the equation to help you stay on top of what what you should be charging your Tenant, or what you should be paying your Landlord. Knowing where you can cash-in (or save) may be crucial for your cash flow, especially in uncertain times like these.