Fees and Expenses are fees applied to the landlord account in relation to the selected property.
In general Fees and Expenses differ in that Fees generate revenue for your letting agency whereas Expenses are simply costs that you wish to pass on to the landlord. If your letting agency is VAT registered then a further difference is that Fees will attract VAT whereas Expenses will not.
An example of a Fee would be if your agency wishes to charge the landlord for performing a property inspection. An example of an Expense would be if your agency had to purchase an outside bin for the property.
A Fee or Expense can be applied to the landlord account associated with a property by clicking on the Fees / Expenses tab within the property view and using the top section for one-off fees/expenses.
When applying a Fee or Expense the following fields must be supplied:
Fee / Expense
When these fields have been populated click on the Submit button to add the fee / expense.
Note: When adding an expense you have the option to also record the bank details of the original transaction e.g. if you got Key's Cut for a property and paid for this out of your office account.
If the landlord associated with the property is a Non-Resident Landlord the fee or expense will appear by default as Tax Deductible. If for any reason it is not a Tax Deductible fee or expense then simply un-tick this.
Fee / Expense
Fees and expenses differ in that expenses do not form a source of revenue for your letting agency. As a consequence sundry fees will be listed in the management revenue report whereas expenses will not.
The value of the sundry fee - a numerical value.
This is the date on which the sundry fee was applied.
A description of why the sundry fee was applied.