How to Setup a Common Property in REST Professional

Overview

In the event of managing multiple premises within the same complex that are owned by the same owner, there may be a need to setup a common property. A common property allows for income and expenses to be receipted/debited that pertain to the premises as a whole, and not the individual unit i.e. cleaning of common areas or gardening. This allows for better reporting for the owner as all income and expenses are clearly identified.

This document will cover:

•  How to Setup a Common Property

•  Example of Owner Statement

How to Setup a Common property

1. Go to Files > Property or click on the property icon

2. Click on Add Mode–F4

3. Complete the details on the General Tab :

• Owner – Enter the alpha index of your Owner and press ENTER

NOTE: this will be the same owner as the other properties in the complex

• Class - Change to Common

• Reporting Order - Set as 1. This defines the order the property will appear on the owner’s statement. Any subsequent properties would need to be a reporting order of 2, 3, 4 etc.

　

4. Complete the details on the Financial Tab:

•  Base Commission - remove the commission along with any other pre-filled fees in the Financial tab

　

5. Complete the details on the Inspections Tab:

• Tick the Exclude from Inspections box

　

6. Click OK-F12

Example Owner Statement

When the owner statement is generated, the common area will be a separate property appearing at the beginning of the statement. This will clearly show the owner the income and expenses that have been received and paid that relate directly to the entire complex.