Real Estate Portfolio Management / Cost Administration / Cost Administrator

Actual Costs

The Costs table holds Actual Costs. These are real charges or income—they have actually been billed or are in the process of being billed. These can be costs such as paid taxes, paid or received rent, snow removal costs paid to a contractor, and costs for renovation or tenant fit-out.

There are two ways to create Actual Costs from the Cost Administration and Cost Chargeback & Invoicing applications:

Use the Cost Wizard's Approve Costs tab to approve Scheduled Costs. This action moves the selected costs to the Costs table, and deletes the Scheduled Cost record. These costs will have a Cost Status of Payable (for costs that are expenses) or Receivable (for costs that are income). The Chargeback Status is Not Charged Back.
Generate charge back Cost records using the Chargeback Cost Wizard's Generate Tab, the system generates new Scheduled Cost records for the rolled up/prorated amounts. You can then approve these costs from the Approve Tab to move these charged back Scheduled Cost records to the Costs table. When approved, these Cost records will have a Chargeback Status of ROLLED UP or PRORATED.