On the Income and Expenses page, you will have the opportunity to enter the income and expenses data for your property.
For Income and Expense you can edit the 'Name' of the instance by clicking on the pencil icon. This can be used to reference the length of the financial statement i.e. "Trailing six months", or the combination of the Financials Type and the Survey Date.
Click the Create button to open a pop-up with options to create a new instance. You will be able to enter a Name and Survey Date, and define the Financials Type (Actual, Pro Forma, Projection or Budget) and whether this instance is the Active Record.
Currently, the Active instance of income and expense is also the instance that will be used in excel for both use as a subject or as an expense comparable.
Click the Copy button to open a pop-up with options to copy an existing instance.
You will be able to define Name, Survey Date, Financials Type, and Active Record status, but the values will be a copy of those in the currently-selected instance record.
Click the Delete button to delete the currently-selected instance. A pop-up will request confirmation.
There are several buttons on the right-hand side of the page:
- Calculate PGI
- Calculate EGI
- Copy from Assessment
- Calculate Total Utilities
- Calculate Repairs and Maint.
- Calculate Payroll
- Calculate Expenses
- Calculate NOI
Hovering over any of these buttons reveals a black tool-tip that explains what fields are impacted by that button. Click on the button to run the specified calculation.
Note: Gray shading over a field denotes that you cannot actively edit it; it is an auto-calculated field.
Tax Expense Fields
If a comp has multiple years of Income/Expense data, users can enter historical Tax data. If however, a user is entering in current expenses, they can choose to copy assessment data to the Tax Expense field.
Utilities Expense Fields
The Electric, Water, Sewer, Gas, Fuel and Trash fields will sum into the Total Utilities Expense field if the user clicks the Calculate button to the right of the data entry fields. The breakout can be exposed or hidden by clicking the Show/Hide button. These fields will not be summed to the Total Expenses Line.
Building Repairs and Other Repairs Expense Fields
The Building Repairs and Other Repairs fields will sum into the Total Repairs & Maintenance field if the user clicks the Calculate button to the right of the data entry fields. The breakout can be exposed or hidden by clicking the Show/Hide button. These fields will not be summed to the Total Expenses Line.
Payroll Expense Fields
The Manager & Leasing Salaries, Maintenance Salaries, Other Salaries, and Payroll Taxes & Health Benefits will sum into the Payroll field if the user clicks the Calculate button to the right of the data entry fields. The breakout can be exposed or hidden by clicking the Show/Hide button. These fields will not be summed to the Total Expenses Line.
Deduct Reserves from EGI?
There is a Deduct Reserves checkbox to the right of the expenses data entry. Checking this box will flow to the Excel template as 'True' should a user wish to use this information in their income analysis.
There is a section for calculations across numerous metrics for NOI / Data Attribute. These fields auto-calculate when the 'Calculate NOI' button is clicked and can be searched against and used in Excel.
Inc Exp Comments: Allows a user to add inc exp comments to the current instance record.
Save: Click to save all changes made to the instance.
Save and Add Another: Saves the current instance and creates a new, blank instance.
|Note - Saving a subject record from the excel template will create a new instance every time the export is initiated. Users are encouraged to capture the income and expense history of a subject for later use as Expense comparables. See the following article: Income-Expense Summary for tips.|