From the Cost Wizard you can manage Recurring, Scheduled, or Actual Costs associated with leases, buildings, properties, or accounts. The Cost Wizard guides you through the process of recording detailed cost records for your real estate portfolio items.
If you are using the ARCHIBUS Enhanced Global Feature Set, see Working with the Cost Wizard When Using the Enhanced Global Feature Set.
The Cost Wizard includes three tabs, a drill-down selection list, and a Filter console that restricts the view to specific cost types and categories.
- From the Schedule tab, add new recurring costs, or schedule Recurring Costs to create Scheduled Costs that are specific instances of the cost in its own record. Creating Scheduled Costs in this way reduces data entry for costs that occur on a regular basis. See Schedule Costs.
- From the Approve tab, review, edit, and approve Scheduled Costs so that they are Actual costs that you have verified. You can generate chargeback for approved costs and issue invoices for them if the cost is a receivable. From this tab, you can also add new Scheduled Costs, and quickly locate costs that are past due, as these costs are shown with a red background. See Approve Costs.
- From the Review tab, view details for Approved Costs. See Review Costs.
Note: When generating reports, if you select to use more than one cost types (Recurring, Scheduled, and Actual Costs), the program ensures that it does not duplicate costs by using Scheduled or Actual Cost records over Recurring Cost records when both exist, and by using only Recurring Cost records with a Due Date that is after the most recently generated Scheduled or Actual Cost record.
Note: The Cost Wizard is also available is the Strategic Financial Analysis / Financial Analysis process so that you can review costs or add new costs while working with SFA.
After selecting an item in the Cost Wizard, by default, the wizard shows all costs associated with your selection. You can restrict your view by cost category and cost type. This restrictions enable you to show only the specific costs you want to work with. The available cost category selections include only categories whose 'Assigned To' field is either 'All' or matches the type of item you have selected (lease, building, property, or account). For example, if you are viewing costs for a lease, the Cost Category selection list shows only categories that have an 'Assigned To' value of 'All' or 'Lease'.
For more on Cost Categories and the chargeback definition selection (Assigned To - Rolls Up To - Prorates To field), see About Cost Categories.
Note: The restriction you set is applied to the costs shown in all tabs of the wizard.
Viewing portfolio item details: When you select a portfolio item in the drill-down list, you are able to view details for that item (Property, Parcel, Building, or Lease) by clicking the button at the top right of the screen. For example, when you select a parcel in the drilldown list, the Show Selected Parcel Details button appears so that you review parcel data.
The following is an image of the Cost Wizard with the Approve Costs tab showing and a parcel selected.
To display only TAX costs, you filter the costs by Cost Type = ‘TAX,’ or choose the appropriate Cost Category for recording property taxes (that ‘TAX – PROPERTY TAX’). After entering the criteria and clicking Show, the wizard displays only the tax costs.
When creating a new tax cost transaction, you manually select the correct Cost Category that represents property taxes (for example,‘TAX – PROPERTY TAX’).
Operating Expenses are typically used for statistics concerning the Total Cost of Occupancy. The application uses Operating Expense costs to determine facility metrics such as Cost per Area, Cost per Employee, and Cost per Line of Business (LOB) … Business Units / Divisions / Departments.
Operating Expenses plus Capital Expenses (asset costs, income, depreciation and amortizations) are typically used for determining the total cost of ownership (TCO). For TCO reporting, the application uses the Cost Category – Cost Type (cost_cat.cost_type) field values for Cost Grouping. For tracking Total Cost of Ownership, the application tracks and analyzes both Operating Expense and Capital Expense costs when looking to determine Facility Metrics such as, Cost per Area by Building, Cost per Employee by Building, and Cost per Line of Business (LOB) by Building … Business Units / Divisions / Departments.
Total Cost of Ownership = OpEx + CAPEX
For Total Cost of Ownership reporting, you should:
When using the Cost Wizard to enter costs, the cost administrator for the landlord can mark costs as CAM or Non-CAM. Additionally, this cost administrator can filter the Cost Wizard to show:
CAM costs only
The cost administrator for the landlord makes these selections from the CAM Charges - display options list found in the Filter console.
If you are the Cost Administrator for the landlord, the Cost Wizard also includes an action button to bulk assign costs as CAM or Non-CAM.
To bulk assign / unassign costs as CAM / Non-CAM:
The costs meeting your search criteria are shown.
The Cam Cost? column updates to reflect your selection.
See Recording Actual CAM Costs (for Landlord Cost Administrator).
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