Archibus SaaS / Leases / Lease Portfolio / Cost Wizard
Real Property / Strategic Financial Analysis / Financial Analysis / Cost Wizard
Real Property / Costs / Cost Administrator / Cost Wizard

Creating and Approving Scheduled Costs When Using the Archibus Enhanced Global Feature Set

Note : This topic describes working from the Cost Wizard's Approve tab when you have enabled the Enhanced Global Feature Set . If you have not enabled these features, see Approving Scheduled Costs and Creating One-Time Scheduled Costs.

The Approve Costs tab show all Scheduled Costs for the lease, building, property, or account you have selected. If you have set a restriction to view only certain cost categories and types, the Approve tab uses this restriction.

From the Approve Costs tab, you can

For example, to record a new income or expense item that is a one-time expense, you can add it as a Scheduled Cost from the Approve tab. When you actually receive the payment or pay the bill, you can verify the amount, adjust it if necessary, and approve it. Approving the cost confirms the cost and moves it from the Scheduled Costs table to the Costs table.

Create Scheduled Costs

From the Approve Costs tab you can manually add a Scheduled Cost record, rather than adding a Recurring Cost record from which you generate Scheduled Costs.

You might manually create Scheduled Cost records:

  • If this is a cost that does not occur regularly, you might prefer to enter a Scheduled Cost record, rather than entering a Recurring Cost from which you generate the Scheduled Cost.
  • If you discover that an approved Actual Cost is in error, you can create an offsetting Scheduled Cost record to cancel the error, and then approve that Scheduled Cost to make the adjustment.

To add new scheduled costs:

  1. Open the Cost Wizard, and then select the item you want to add a Scheduled Cost for.
  2. From the Approve Costs tab, click Add Scheduled Cost.

    The Add New (Lease/Building/Property/Account) Scheduled Cost dialog appears.

  3. Enter the following required field:

    Cost Category -- Select the Cost Category from the list. The Cost Category specifies the classification of the cost, such as snow removal, bathroom supplies, or rent. The cost category is important for summarizing costs, and rolling up and prorating costs. For information on completing this field, see About Cost Categories.

  4. Complete the following recommended fields:

    Date Due -- Enter the date that this cost is due.

    Description -- Describe the cost.

    Cost Status -- From the drop-down menu, select Budgeted if the cost represents an estimate or is being used for "what if" scenarios. Select Planned if the cost represents an exact amount that will occur.

    Amount - Expense/Amount - Income -- Complete one of these fields to document whether the cost is an income or expense item. If you are using Scheduled Costs for planning and budgeting purposes, you can enter an estimate of the cost. Otherwise, enter the exact amount.

    Date Paid -- Enter the date that this cost was paid.

    The system automatically creates the following values:

    Date Trans. Created - - The system completes the value with the system date at the time that you create the record.

    Scheduled Cost Code : The unique identifier for this Scheduled Cost is system-generated after you save the record.

  5. Select the Payment Currency for the cost transaction. By default, the Payment Currency is your User Default Currency , but you are able to change this if needed. However, once you save the cost record, you are not able to change the Payment Currency,
  6. To document the cost, enter one of the following fields.
  7. If this cost record is an exception to the default VAT, enter one of the following overrides for VAT:
    • VAT Percent Override: To override the VAT with a specific percentage, enter that percentage here.

      If you enter a VAT Percent Override, the system calculates the VAT as follows:

      • VAT Amount Income = Base Income (Payment) x VAT Percent Override
      • VAT Amount Expense = Base Expense (Payment) x VAT Percent Override
    • VAT Amount Override: To override the VAT with a specific amount, enter that amount here. The system uses this amount for the VAT Amount Expense if you have entered a Base Expense (Payment) amount), or for the VAT Amount Income if you have entered a Base Income (Payment) amount,
  8. To override the exchange rate entered for this Payment Currency , enter the following:

    Exchange Rate Override: Enter a value for this transaction that overrides the exchange rate that is closes to this cost record's Date Due.

  9. Repeat steps 2-8 for all Scheduled Costs you want to enter for this item.
  10. Click Save.

    Based on your entry (Amount Income- Base or Amount Expense - Base) and the VAT Percent value, the system calculates and displays the following:

    Amount Income - VAT (Payment)

    Amount Income - Total (Payment)

    Amount Expense - VAT (Payment)

    Amount Expense- Total (Payment)

    The system calculates the Budget Currency fields based on your entries. The system stores the Budget Currency fields to use for reports based on the Budget Exchange Rate.

    If you entered an Exchange Rate Override, the system uses this conversion rate to calculate the Budget Currency fields.

    Otherwise, the system uses the Budget Exchange Rate for the date that is closest to and prior to the cost record's Date Due to convert the following fields from the Payment Currency to the Budget Currency as follows:

    Amount Income = Amount Income - Total (Payment) x Budget Exchange Rate

    Amount Expense = Amount Expense - Total (Payment) x Budget Exchange Rate

    Amount Income - Base (Budget) = Amount Income - Base (Payment) x Budget Exchange Rate

    Amount Expense - Base (Budget) = Amount Expense - Base (Payment) x Budget Exchange Rate

    Amount Income - VAT (Budget) = Amount Income - VAT (Payment) x Budget Exchange Rate

    Amount Expense - VAT(Budget) = Amount Expense - VAT(Payment) x Budget Exchange Rate

  • Approve Scheduled Costs

    Approve scheduled costs so that they become actual costs.

    To approve Scheduled Costs for the selected building, property, lease, or account:

    1. Select the Cost Wizard for Leases, Buildings, and Properties or Cost Wizard for Accounts, and then select the item you want to manage costs for.
    2. From the Approve Costs tab, select the costs you want to approve, and click Approve.

      The costs are moved to the Review Costs tab.

    When you approve a cost, the system does the following:

    • Creates a new record in the Costs table with the same values as the selected Scheduled Cost record, and assigns an auto-numbered key to the new Cost record.
    • Sets the Cost Status value of the Cost record to RECEIVABLE if the cost is income, or to PAYABLE if the cost is an expense.
    • Sets the Chargeback Status field of the Cost record to NOT CHARGED BACK.
    • Deletes the selected record from the Scheduled Costs table, so that costs are not duplicated.
    • When you have enabled the Archibus Enhanced Global Feature Set , the system copies the VAT fields from the Scheduled Cost record to the Approved Cost record.
    • Updates the amounts for the selected cost records, by searching for the conversion rate closest to the cost record's Date Due, and then using that rate to convert the cost from the Payment Currency to the Budget Currency. For example, this is useful if you have cost transaction records provided by your local third-party financial system that have costs in the local currency only; this action enables you to import cost records in the Payment currency (for example, EUR) while converting costs to the Budget currency (for example, USD). See Updating Conversion Rates.

    Edit Scheduled Costs

    You can change any information for a Scheduled Cost.

    To edit a scheduled cost:

    1. From the Approve Costs tab, click Edit in the row for the cost.

      The Edit Scheduled Cost dialog appears.

    2. Edit the fields. You can edit any of the fields except the system-generated fields. See Add New Scheduled Costs for a description of the fields.
    3. Click Save.

    Deleting Scheduled Costs

    To delete scheduled costs:

    1. From the Approve Costs tab, select the Scheduled Costs, and click Delete.

      You are asked to confirm the deletion.

    2. Click OK.

      The Scheduled Costs are deleted.

    Next

    After approving costs, you can review the approved Actual Costs using the Review Costs tab .

    • Back to

    Using the Cost Wizard with the Enhanced Global Feature Set

    Cost Wizard Overview