To charge an owner for recurring costs, like service fees or garden maintenance, you create a periodic cost and add it to the owner agreement.
Create periodic cost item
In the Owners module, go to periodic costs. Click the '+New' button to add a new cost.
You don’t have to create owner-specific periodic costs, you can create periodic costs to be applied to multiple owners.
The description is the name of the cost item, which is shown on the relevant invoices.
Tick the 'Utility advance' box if you want to use this cost item to charge owners for utility use in advance, and then offset the actual costs based on the meter readings against this advance at a later time.
Read more: Utility advance invoicing
Select how often you want to charge this periodic cost
There are several options. This includes annually, quarterly, or monthly, each with an effective date that depends on when the agreement with the owner takes effect or when the first invoice is sent to the owner. In addition, you can choose annually with a fixed settlement date, which means you immediately determine the effective date for this cost to be charged.
Choose 'fixed price per invoice' if the cost you want to charge should not have a regular interval. This can be used for occasional or one-off charges. You add this cost to owner invoices when needed.
Set the appropriate amount to be charged
Enter the amount you want to charge for the interval you have selected. This means that if you chose 'quarterly', you enter the amount that should be paid for the full quarter.
It is possible to predetermine price adjustments by adding another price, and setting an 'active from' date. Starting from this date, the new price will be charged instead.
Future price adjustments for an existing periodic cost can be added in this same way, by editing the existing periodic cost.
Once you have also selected the appropriate ledger account this cost should be registered on, click 'Save'.
The next step is to add the cost to an owner agreement: Adding periodic costs to owner agreement