Real estate property management

In Yuki the financial records of a wide range of branches can be kept. For each branche however a few relevant details can be given about the configuration and the use of Yuki. 

With Yuki the administration is not limited to only specific processes like processing purchase and sales invoices but does it also have an archive wherein various other documents can be organised. The list below shows how Yuki will organize your administration:

• Filing and classification
  • Folders
  • Dossiers
  • Tags.
• Processes
  • Invoicing
  • Article coding and pricing
  • Tasks and workflow
  • Procedure of keeping financial records.
• Reporting
  • Project
  • Chart of accounts
  • Financially.

The description below serves as an advice so a clear overview can be kept of the administration regarding the Real estate property management branche.

Filing and classification

When classifying documents it is not required to prepare a separate dossier or use a different folder for each customer. In case of the Real estate management branche for each contact all documents can be divided in six segments:

1. Document type: 
   • Financing
   • Rental contracts
   • Cleaning contracts. 
2. Suppliers
3. Dossier/Project
4. Properties/Units
5. Tag
6. Article.

Folders

Below an example is given of how to classify the documents in folders:

• Purchase (Invoices, Receipts, Quotations, Contracts, Reminders)
• Sales (Invoices, Reminders, Quotations, Rental contracts, Visit reports)
• Financials (Financial statements, Documentation, Fiscal, Year-end correction, General journal, Opening balance)
• Legal (Power of attorney, Mortgage, Deed, Subordination, Loan agreement)
• Tax (VAT, VPB, Payroll tax).

Dossiers

In Yuki you can create dossiers yourself and next bundle lease conracts in the same dossiers. Each dossier can contain the following:

• Tasks
• Appointments
• Contacts
• Documents (from the archive) like rental invoices
• Correspondence (email).

Dossiers can thus be used to keep an overview of the issues above by subject or project. Because dossiers have a start and an end date you can keep track of al the ongoing dossiers at that moment. In addition dossiers can also be used to keep structure.  For example, you can immediately see per dossier which outstanding tasks remain and which correspondence has recently taken place.

Tags

A specific tag can be assigned to each contact. If you want to check all contacts who are renting a property you can for example assign the 'Tenant' tag to the relevant contact.

Processes

Invoicing

In Yuki you can create two different invoice types:

• rental invoices
• recurring invoices.

Rental invoices

In Yuki you can create rental invoices. These can be send to the customers and after sending are immediately processed in the administration. In order to send invoices the following should have been taken care of In Yuki:

• creation of one or more sales items
• selection or modification of an invoice layout
• if required the creation of digital invoice paper based on a PDF
• and ideally the adjustment of the invoice number and configuration of email so the invoice in PDF can be mailed. 

When you create rental invoices you can work with several different invoice layouts when using the invoicing module in Yuki. The layout defines how the invoice looks like, what data of the invoice will be printed, the positioning of the address block and what will be stated in the accompanying mail. When creating a rental invoice it is advised to use layout 7.

 Create the following sales items when using rental invoices in Yuki: 

• Rent: the revenue of this sales item should be recorded on 'Net turnover' (price for each tenant through price agreement)
• Possible service costsL the revenue of this sales item should be recorded on 'Net turnover' or coverage service (on balance sheet).

Recurring invoices

The following steps should be taken when using recurring invoices in the Real estate property management branche:

• Yuki will prepare the recurring invoices according to a certain frequency
• User has to send them according to frequency
• Yearly the user has to apply a possible indexation.

If frequent changes occur regarding a specific object you can assign the invoices of this object to a specific dossier so it is easy to keep an overview.

Article coding and pricing

Before you can create invoices in Yuki you first have to create sales items and price lists. The price for each tenant is usually fixed by means of a price agreement.

Tasks and workflow

Yuki has an advanced workflow system based on tasks and task types. A task is an action, question or assigown namesnment for a user within the Yuki platform. Different kind of tasks can be defined:: Task types. A task can be created for each document and will end up in the ToDo list of the user. The following assignments can be defined as tasks for the Real estate property management branche:

• Prepare payments
• The possibility to create an own worklfow regarding for example:
  • service requests
  • fault reports.

Reporting

Chart of accounts

Normally in the Real estate property management branche sales items are recorded on '80000 Rent turnover' or '80001 omzet voorheffing servicekosten'. Accomodation costs are recorded on the 60000 series and cost of sales is recorded as cost price of turnover.

Procedure of keeping financial records

According to the proedure of keeping records for the Real estate property management branche accomodation costs have to be recorded on the 60000 series. Cost of sales is recorded as cost price of turnover on items with own names.