Managing Fees Collection and Annual Service Charges in FalconPro Real Estate Software

Managing Fees Collection and Annual Service Charges in FalconPro Real Estate Software

Introduction

Efficient fees collection is essential for real estate businesses managing annual service charges, maintenance fees, and other non-rental income. FalconPro Real Estate Software provides an automated system to:

  • ✅ Assign service charges to properties and contracts.
  • ✅ Generate invoices for annual fees.
  • ✅ Track outstanding payments and overdue balances.

This guide explains how to set up, collect, and monitor annual service charges in FalconPro to ensure seamless financial management.

Understanding Fees Collection and Service Charges

Service charges are recurring fees collected for property maintenance, security, and other operational costs. Common examples include:

  • Annual maintenance fees for residential and commercial buildings.
  • Cleaning and security service charges.
  • Property management fees.
  • Parking fees and facility usage charges.

These fees must be correctly assigned and tracked to ensure timely collection and accurate financial reporting.

Assigning Annual Service Charges to Properties

Before collecting service fees, they must be configured at the property level.

Steps to Assign Service Charges to Properties:

  1. Go to “Property Management” → “Service Charges”.
  2. Click “Add New Charge”.
  3. Select the Property or Building.
  4. Enter the Charge Type (e.g., Maintenance, Security).
  5. Define the Fee Structure:
    • Fixed Fee per Unit
    • Variable Fee Based on Square Footage
    • Percentage-Based Fee (e.g., % of Rent Amount)
  6. Set the Payment Frequency (Annual, Quarterly, Monthly).
  7. Click “Save”.

✅ Now, the service charge is linked to the selected property, and tenants will be billed accordingly.

Generating Invoices for Annual Service Charges

Once service charges are set up, invoices can be generated automatically.

Steps to Generate Service Charge Invoices:

  1. Go to “Accounting” → “Client Invoices”.
  2. Click “New Invoice”.
  3. Select the Tenant or Property.
  4. Choose “Service Charge” as the Invoice Type.
  5. FalconPro automatically calculates the fee based on property settings.
  6. Review the Invoice and Click “Generate”.

✅ Now, the invoice is generated, and the tenant is billed for the service charge.

Recording Payments for Service Charges

To track collected fees, payments must be recorded in FalconPro.

Steps to Record Service Charge Payments:

  1. Go to “Receipts” → “New Payment”.
  2. Select the Tenant and Invoice.
  3. Choose the Payment Method (Cheque, Bank Transfer, Cash).
  4. Enter the Payment Amount.
  5. Click “Confirm Payment”.

✅ Now, the service charge payment is recorded, and the tenant’s balance is updated.

Monitoring Unpaid Service Charges and Overdue Accounts

FalconPro provides detailed reports to track unpaid and overdue service charges.

Steps to View Outstanding Service Charges:

  1. Go to “Reports” → “Outstanding Fees Reports”.
  2. Filter by Date, Property, or Tenant.
  3. Click “Retrieve Report”.
  4. Export the Report to Excel or PDF.

✅ Now, overdue payments can be tracked and followed up with tenants.

Best Practices for Managing Service Charges in FalconPro

  • ✅ Assign service charges at the property level for automatic invoicing.
  • ✅ Use structured payment schedules to improve cash flow.
  • ✅ Generate invoices in advance to notify tenants of upcoming charges.
  • ✅ Monitor unpaid balances regularly to avoid financial discrepancies.
  • ✅ Ensure service charge categories are correctly mapped in accounting reports.

Conclusion

FalconPro Real Estate Software provides a structured and efficient approach to handling fees collection and annual service charges, ensuring:

  • ✅ Accurate tracking of maintenance and service fees.
  • ✅ Timely invoicing and payment collection.
  • ✅ Comprehensive reporting for real estate businesses.

By following these steps, businesses can streamline financial operations and improve revenue tracking.

FAQs

  1. Can FalconPro automatically calculate service charges based on unit size?
    Yes, FalconPro supports fixed, variable, and percentage-based fee calculations.
  2. How do I track overdue service charges?
    Use the Outstanding Fees Report to monitor unpaid balances and overdue payments.
  3. Can tenants pay service charges in installments?
    Yes, service charges can be set up for monthly, quarterly, or annual payments.
  4. What happens if a tenant does not pay service charges on time?
    Late payments appear in financial reports, and FalconPro allows users to send payment reminders.
  5. Can FalconPro generate VAT-inclusive service charge invoices?
    Yes, users can enable VAT-inclusive pricing in the invoice settings.

Important Links