Real Property / Forecasting / Cost Forecasting / Cost Forecast Wizard
Real Property / Advanced Forecasting / Cost Forecasting / Cost Forecast Wizard

Enter Building Costs for Cost Forecasting

The Cost Forecast Wizard's Building Costs tab enables you to:

  • Add and edit building recurring costs such as rent, maintenance or utility costs.
  • Review the recurring costs that are active on a specific date.

To add a new cost you can click on the Add Cost button. To edit an existing cost you can either click on any of the cost fields or click on the Edit button to the left of the cost data.

Tax forecasts

Finance managers can do a multi-year projection of property tax expenses and their allocation to business units and departments. You would do this by adding only costs for buildings with a cost category of TAX cost type, such as “TAX - PROPERTY TAX.

Adding Costs

To add costs:

  1. Select Cost Forecast Wizard / Building Costs tab. From the Building Costs tab, click Add Cost.

    The Add Cost dialog appears.

  2. Enter the following required field:

    Select the Cost Category to classify the cost.

    Note : To add new cost categories or delete existing ones, select Background Data / Define Cost Categories task. For more information, see the Help topic Develop Background Data .

  3. Enter the following recommended data:

    Amount Expense : Enter the expense in the Amount Expense.

    Period: Select the interval between payments. Choose MONTH, QUARTER, YEAR, or CUSTOM. For example, if the expense is a monthly rent expense you would set the Period to Month.

    Custom Period (Days) -- If you choose CUSTOM for the above field, complete this field with the custom period in days. For example, enter 45 for a 45-day period.

    Start Date -- Enter the date that the Recurring Cost is to begin taking effect. If you do not enter a Start Date, the current date is used.

    End Date -- Enter the date that the Recurring Cost is to end. If this field is left blank, the Recurring Cost is scheduled to continue indefinitely.

  4. Enter the following optional fields:

    Yearly Factor -- If the recurring expense has a yearly increase or decrease to factor into the cost beginning from the Start Date, enter that factor here. For instance, you can model a 10% yearly increase in lease costs by entering a yearly factor of 1.10. If you enter a value of .75, the lease cost is defined to decrease 25% per year.

    Description : Use this field to describe the cost, similar to the "memo" field of a check

    Active? : Use this field to indicate whether the Recurring Cost record should be included in forecasts or report. The default is YES

  5. Click Save.

Reviewing Costs

To review the recurring costs that would be active on a specific date, you can set the Review Date field at the top of the Building Costs tab, and click Show. This will present all costs that will be in effect during the year of the selected date. See Selecting Review Dates .

Next

You can press the Continue button to go to the next tab, or directly select the tab you want to go to. To go to the Cost Allocation Chart or Department Analysis tabs, you must select a Review Date.

See Also

Allocate Costs Tab

Cost Allocation Chart Tab

Department Analysis Tab