Setting Up New Fees Items in FalconPro Real Estate Software

Setting Up New Fees Items in FalconPro Real Estate Software

Introduction

Managing fees and charges is a crucial part of real estate operations. FalconPro Real Estate Software allows property managers to set up new fees items for various transactions, including:
✅ Service charges and maintenance fees
✅ Legal fees, commissions, and penalties
✅ Other non-rental charges related to tenant agreements

This guide explains how to create, categorize, and manage new fees items in FalconPro, ensuring accurate financial tracking.

1. Understanding Fees Items in FalconPro

A fees item in FalconPro is any charge billed to a tenant, property owner, or business that is separate from standard rent payments. This includes:

  • Service charges (e.g., cleaning, maintenance, security fees)
  • Government charges (e.g., VAT, municipality fees)
  • Late payment penalties and legal fees

Proper categorization ensures that these fees appear correctly in invoices, receipts, and reports.

2. Creating a New Fees Item in FalconPro

To set up a new fees item, follow these steps:

Steps to Add a New Fees Item:

  1. Go to “Administration” → “Master Files”.
  2. Select “Accounting” → “Fees Items”.
  3. Click “New Fees Item”.
  4. Enter the Fees Name (e.g., “Service Charge – Annual”).
  5. Choose the Fee Type:
    • ✅ Fixed Amount (e.g., AED 500 per month)
    • ✅ Percentage-Based (e.g., 5% of total rent)
  6. Select the Account to Link the Fee To (e.g., Revenue, Expenses, VAT).
  7. Set VAT Inclusion Option:
    • VAT Exclusive: VAT is calculated separately.
    • VAT Inclusive: VAT is included in the fee.
  8. Enable or Disable Auto-Invoice Generation (for recurring fees).
  9. Click “Save”.

✅ Now, the new fees item is available for invoicing and transactions.

3. Assigning a Fees Item to a Lease Contract

Once a fee is created, it must be linked to a tenant’s contract to ensure proper billing.

Steps to Assign a Fees Item to a Lease:

  1. Go to “Leasing” → “Contracts”.
  2. Select the Tenant’s Lease Contract.
  3. Click “Edit Contract”.
  4. Go to the “Fees & Charges” Section.
  5. Click “Add Fees Item”.
  6. Choose the Newly Created Fees Item.
  7. Enter the Amount or Percentage to be Charged.
  8. Click “Save”.

✅ Now, the tenant will be billed for this fee on invoices and receipts.

4. Generating an Invoice with Fees Items

To bill tenants for additional charges, FalconPro allows automated fee invoicing.

Steps to Generate an Invoice for Fees Items:

  1. Go to “Accounting” → “Client Invoices”.
  2. Click “New Invoice”.
  3. Select the Tenant and Lease Contract.
  4. Choose the Fees Items to Include in the Invoice.
  5. FalconPro Automatically Applies VAT (if enabled).
  6. Click “Generate Invoice”.

✅ Now, the tenant receives an invoice with the fees included.

5. Tracking Fees Items in Reports

FalconPro provides reports to track fees collection, pending payments, and revenue distribution.

Steps to View Fees Collection Reports:

  1. Go to “Reports” → “Fees Reports”.
  2. Filter by Date Range, Fee Type, or Tenant Name.
  3. Click “Retrieve” to View the Data.
  4. Export the Report to Excel or PDF.

✅ Now, users can monitor revenue from service charges, penalties, and other fees.

6. Best Practices for Managing Fees in FalconPro

✅ Categorize fees correctly to avoid confusion in financial reports.
✅ Use VAT-exclusive pricing unless VAT should be included in the fee.
✅ Enable auto-invoicing for recurring charges to reduce manual work.
✅ Regularly check the “Fees Reports” to track outstanding payments.
✅ Ensure all fees items are linked to the correct accounting accounts.

7. Conclusion

FalconPro Real Estate Software provides a flexible and efficient way to manage fees items, service charges, and penalties. By following these steps, businesses can:
✅ Create and categorize fees accurately.
✅ Assign fees items to lease contracts and generate invoices seamlessly.
✅ Track revenue from additional charges using detailed reports.

FAQs

1. What types of fees can I add in FalconPro?

Users can add service charges, maintenance fees, VAT, penalties, commissions, and other charges.

2. Can I apply a fees item to multiple tenants at once?

Yes, FalconPro allows bulk application of fees to multiple lease contracts.

3. What happens if a tenant does not pay an invoiced fee?

Unpaid fees appear in pending reports, and FalconPro allows sending automated payment reminders.

4. Can FalconPro automatically add VAT to fees?

Yes, FalconPro allows users to set VAT-exclusive or VAT-inclusive pricing for each fees item.

5. How do I edit or delete a fees item?

Go to “Master Files” → “Fees Items”, select the fee, and click Edit or Delete. Deleting a fee is only possible if it is not linked to any invoice.

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