Owner Adjustments in FalconPro Real Estate Software: Complete Guide
Introduction
Owner adjustments in FalconPro Real Estate Software allow property managers and accountants to create, configure, and automate adjustment reports for building owners. These adjustments are essential for reconciling revenue, expenses, management fees, and owner dues—ensuring accurate financial settlements between property management companies and owners.
Setting Up Owner Adjustments
1. Accessing Adjustment Settings
-
Go to Administration and open the Account Report Generator.
-
Click New to create a new adjustment report (e.g., “New Building Adjustment”).
-
Flag the report as an adjustment report.
2. Configuring Revenue and Expenses
-
Revenue Setup:
-
Choose whether revenue is sourced from accounts or contracts.
-
If from accounts: select the relevant revenue accounts and define if amounts are added or subtracted.
-
If from contracts: select all or specific contract types/statuses for the building.
-
-
Expenses Setup:
-
Select the expense accounts for the building.
-
Multiple expense accounts can be added as needed.
-
3. Management Fees (Admission Fees)
-
Define the management or admission fee as a percentage (e.g., 5%) or as a fixed period (e.g., one month from twelve).
-
Select the adjustment account where the management fee will be posted.
-
Choose whether the fee is calculated from revenue, collected revenue, or contract value.
4. Owner Due Calculation
-
The owner due is typically calculated as:
Owner Due=Total Revenue−Total Expenses−Admission Fees
-
You can customize the formula as needed for your organization.
Automating and Scheduling Adjustments
-
Go to Administration > Future Setup to schedule recurring adjustments.
-
Create a new adjustment for a building, select the adjustment report, and define the start and end periods (e.g., quarterly).
-
Enable Auto Generate to create installments for each period (e.g., every three months).
-
Save the setup. The system will generate adjustment entries automatically for each period.
Reviewing and Managing Adjustments
-
Access Accounting > Adjustment Future to view all scheduled and generated adjustments.
-
Adjustments can be reviewed, converted to due, or removed as needed.
-
Use the Account Report to view detailed breakdowns for each adjustment, including revenue, expenses, management fees, and owner due for the selected period.
-
For detailed analysis, generate a Detail Report to see all account movements during the adjustment period.
Best Practices
-
Carefully select the correct revenue and expense accounts for each building.
-
Review and update management fee rates and adjustment accounts regularly.
-
Automate recurring adjustments to save time and reduce errors.
-
Use detailed reports for transparency and audit readiness.
-
Always document the rationale for custom formulas or adjustments.
Frequently Asked Questions (FAQ)
Q1: Can I select revenue from contracts or accounts?
Yes, you can choose to source revenue from either accounts or contracts, depending on your reporting needs.
Q2: How are management fees calculated?
Management (admission) fees can be set as a percentage of revenue or as a fixed period (e.g., one month out of twelve).
Q3: Can I automate adjustment creation?
Yes, use the Future Setup feature to auto-generate adjustments for each period.
Q4: What is included in the owner due calculation?
Owner due typically equals total revenue minus expenses and management fees, but the formula can be customized.
Q5: How do I review adjustment details?
Use the Account Report and Detail Report features to see all components of each adjustment.
