Skip to main content

​
Overview

The financial management module helps you manage service charges, track expenses, generate reports, and maintain reserve funds.

​
Setting Up Service Charges

1

Navigate to Finances

Click Finances in the sidebar to access the financial management area.
2

Configure Charge Structure

Set up your service charge structure:
  • Annual Amount: Total yearly charge per unit
  • Payment Frequency: Monthly, quarterly, or annual
  • Due Dates: When payments are expected
  • Unit Allocations: If charges vary by unit size
3

Add Budget Categories

Create categories for your spending:
  • Insurance
  • Cleaning & maintenance
  • Utilities (water, electricity)
  • Lift maintenance
  • Gardening
  • Management fees
  • Reserve fund contribution
4

Assign to Units

Link service charge amounts to each unit/flat based on:
  • Square footage
  • Number of bedrooms
  • Lease share percentage
  • Equal split

​
Tracking Expenses and Budgets

​
Recording Expenses

1

Add New Expense

Click Add Expense and enter:
  • Date
  • Amount
  • Category
  • Supplier/payee
  • Description
  • Attach invoice (optional)
2

Categorise Correctly

Assign each expense to the appropriate budget category for accurate reporting.
3

Track Against Budget

View real-time budget vs. actual spending on the dashboard.

​
Budget Dashboard

The budget dashboard shows:
  • Budget Overview: Total annual budget and spending to date
  • Category Breakdown: Spending by category with visual charts
  • Variance Analysis: Over/under budget indicators
  • Forecast: Projected year-end position
Set budget alerts to receive notifications when spending approaches category limits.

​
Generating Financial Reports

​
Available Reports

Individual statements for each leaseholder showing:
  • Charges due
  • Payments received
  • Outstanding balance
  • Transaction history
Summary of all income and spending for a selected period:
  • Service charges collected
  • Other income (e.g., ground rent)
  • All expenditure by category
  • Net position
Compare actual spending against budgeted amounts:
  • Category-by-category analysis
  • Percentage variances
  • Year-to-date totals
Outstanding balances organised by age:
  • Current (0-30 days)
  • 30-60 days overdue
  • 60-90 days overdue
  • 90+ days overdue

​
Exporting Reports

Reports can be exported as:
  • PDF - For sharing and printing
  • CSV - For spreadsheet analysis
  • Email - Send directly to stakeholders

​
Managing Reserve Funds

​
What is a Reserve Fund?

A reserve (or sinking) fund sets aside money for major future works such as:
  • Roof replacement
  • External decorations
  • Lift refurbishment
  • Window replacement
  • Major structural works

​
Setting Up Your Reserve Fund

1

Create Reserve Fund

Navigate to Finances → Reserve Funds → Create New Fund
2

Set Contribution Rate

Decide the annual contribution amount, typically included in service charges.
3

Define Purpose

Specify what the fund is for (general reserves or specific projects).
4

Track Balance

Monitor fund growth over time on the reserve fund dashboard.

​
Best Practices

Regular Reviews

Review reserve fund adequacy annually

Professional Survey

Get a planned maintenance schedule every 5-10 years

Transparent Reporting

Share reserve fund status at AGMs

Separate Account

Keep reserves in a dedicated bank account
Under UK law, service charge money must be held in trust. Ensure your bank accounts and accounting practices comply with Section 42 of the Landlord and Tenant Act 1987.