A Budget wash-up involves the reconciling of budgeted items with the actual costs incurred during the period.
During the period of the budget, costs incurred can be passed onto the leaseholders as extra line items on their rents.
At the end of the budget period, the budgeted costs can be compared with the actual costs and any extra costs paid by the leaseholders (if the budget amount was exceeded) or refunded to the leaseholders (if the budgeted amount was not met).
To perform a budget wash-up
1. First, select a budget:
- Click on the Properties menu
- Click on the Outgoings menu on the left
- Click on the Budgets tab
- Select a Budget by clicking on the start date link
2. Select the Wash-up option:
If the budget is ready to be completed, click on the 'Perform Budget Wash-Up' button.
3. Select each line item:
Select each line item in the budget to see the actual costs incurred and the amounts still outstanding or to be refunded.
4. Mark as Complete
The Actual Invoices amount will be calculated based on invoice transactions loaded in Re-Leased and Xero. It will not include any cash-coded transactions. If you are unsure, you may also want to check these figures against your Xero Profit and Loss report to ensure the accuracy of your washup. If you find that the Actual Invoices amount is incorrect, it can be typed over to washup based on your own figures.
Once all line items have been marked as complete, invoices or credit notes can be generated.
Click on Generate Invoices.
The totals are now broken down for each Tenancy, and either Credit Notes or Invoices are generated.
For each of the Tenancies in the list, select either:
- A single line item invoice with the OPEX totals (Click on the Generate single line credit note or Generate single line invoice button)
- A multiple-line invoice with each line of the expense (Click on the Generate multi-line Credit Note or Generate multi-line invoice button)
- No invoice to be sent (Click on the red x)
Single Line Invoice
If single line invoice is selected there will only be one line item. Update the date and reference fields, and select the income code from your chart of accounts. Save to return to invoicing the other tenants and complete the washup.
If the multiline invoice is selected there will only one line item per budget expense allocation. Update the date and reference fields, and select the income code from your chart of accounts on each line. Save to return to invoicing the other tenants and complete the washup.
Once all invoices are raised, there will be a Finish and Sync with Xero button for Xero users. You may also click the View Invoice link to return to the invoices.