Service Charge Receivable
This module enables the easy and effective management of service charge for your property portfolio. Each property’s service charge rules can be modeled within the system. Multiple schedules can be created and apportioned between the property’s units on either a weighted floor area or percentage split basis. Service charge caps or floors negotiated with the tenant can be reflected through lease rules; these can optionally be indexed and modified year on year. Interfaces to and from spreadsheets enable annual budgets to be quickly and easily entered into the system and allow data to be extensively modelled for each new year.
Reports allow analysis of actual against planned expenditure throughout the course of the year, enabling effective cash flow management, and online reconciliation. These reports also analyse the vacancy cost for the service charge year to date, identifying both the amount of irrecoverable costs
associated with the property and the reason for that cost. Horizon supports the latest RICS service charge guidelines, and allows detailed analysis of all costs managed within the service process, with three levels of analysis allowing cost trends between and within years to be tracked and a full analysis of costs provided to tenants.
Features Include:
- Ease of service charge preparation for a newly acquired property
- Multiple recovery methods (service charge, insurance, utility rates
etc.)
- Incorporation of specific tenancy rules (caps, floors, fee caps etc.)
- Spreadsheet links to ease budget creation
- Automatic links for upload of actual expenditure from Horizon Accounts Payable or external General Ledger
- On actual and on account recovery
- Flexible management fee calculation
- Detailed analysis of costs and void cost for each service charge period
