Setup/Add Assessment Codes

TOPS [ONE] Version 4.2.3.5, Last Updated 09/20/2018

 

Related Links

 

TOPS [ONE]- Apply Late Fees

TOPS [ONE]- Add Special Assessment Codes

 

Description

“Assessment” codes are used to define regularly scheduled, recurring charges that are accrued and posted to an owner ledger on a regular basis (i.e. monthly, quarterly, annually, etc.)   The charge codes are normally named to describe the recurring charge such as “Maintenance Fees”, “Monthly Dues”, “Annual Assessment”, etc., for easy identification on owner ledgers and statements.

Once setup, Assessment Codes charges are assigned to an individual property and can be posted to all assigned owners using the AR, Charges, Apply Charges Feature.  Assessment Code Charges can also be scheduled to post on a repetitive basis.

An unlimited number of Assessment Codes can be added to your TOPS[ONE] community.

 

To add a new Assessment Code to a TOPS[ONE] Community

 

Step By Step 

 

1. Click Portfolio and select Communities.

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2. Select the community that you want to add a code to.

3. Locate the Related Links section toward the bottom right of the Community page, and select Codes

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4. From the Codes screen, select the Charge option

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5. The system displays all AR Charge Codes.   Locate the section named Assessment

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6. To add a new Assessment Code, select +ADD image005.png

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7. Complete Code Setup Information from the ADD CODE screen

The ADD CODE screen is divided into 4 sections

CODE TYPE

CODE ALIAS AND NAME

CODE CATEGORIES

LINKED ACCOUNTS

 

First, we’ll look at Code Type

Code type should remain as “Assessment” for this procedure.  You can, however, select any available charge code to create a different code type

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Code Alias and Name

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Code (Alias)   1-10 characters abbreviated description of the code.  Code Alias Examples:  A1, DUES, HOA-FEES.

Code Name  Code name that appears on Statements, Owner Ledgers, etc.  Code Name Examples: Assessments, Reserve Assessment, Monthly Dues.

Code Description  Use to enter a detail description of the code.  This is not a required field.

Calculation Method - Select 1 of 4 options (this option selects the calculation method only, Specific settings and explanation for each method will be explained individually at the end of the article.).

Flat Dollar Amount: Owner charge for this assessment is entered as a specified, flat dollar amount, such as $100.00 or $960.50. 

Percent of Property Value:  Owner charge for this assessment is calculated as a % of property value.   Note that the % is set up in the code category; the Property Value information is entered in the property record.

Square Feet X Rate:  Owner charge for this assessment is calculated by multiplying the square footage of the home.   Note that the amount charged per square footage is added to the code category; the total square footage is entered into the property record.

Percent of Property Ownership: Owner charge for this assessment is calculated using the percent of property ownership.  Only 1 charge category is needed as you enter the total budgeted monthly, quarterly, or annual assessment amount for all owners into one code category amount.   Note that the % of property ownership is entered into the property record.

 

Late Fee Method

Select 1 of 5 options to setup how late fee amounts are calculated

Late Fee Flat Dollar Amount: Owner late fee for this assessment is entered as a specific, flat dollar amount, such as $15.00 or $25.00.

Percent of Unpaid Balance: Owner late fee for this assessment is entered as % that is calculated on the amount of unpaid balance for this Assessment, such as 10% or 15%.

Flat Dollar Amount Plus Percent of Unpaid Balance: Owner late fee for this assessment is entered as a specific, flat dollar amount plus an additional % amount calculated on total unpaid balance for this assessment.

Late Fee Based on Selected Account Codes: Coming Soon!

Greater of Flat Amt or Percent Unpaid Balance: Coming Soon!

 

Linked Accounts

The linked account section of the Code setup, defines the general ledger account posting for this transaction.

To select the general ledger account, use one of two search option: 1) enter partial account name or number to select from a list of matching accounts, or 2) select the file folder image to review/select from all accounts.

For ACCRUAL ACCOUNTING, select both the income account AND the accounts receivable account.

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For CASH ACCOUNTING, you can select only an income account.

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There are 4 different types of code category scenarios you can set Assessment codes for.

 

Flat Assessment Amount (set amount)

                Owner charge for this assessment is entered as a specified, flat dollar amount, such as $100.00 or $960.50. 

% of the property value

                Owner charge for this assessment is calculated as a % of property value.   Note that the % is set up in the code category; the Property Value information is entered in the property record.

Square Feet X Rate Method

                Owner charge for this assessment is calculated by multiplying the square footage of the home.   Note that the amount charged per square footage is added to the code category; the total square footage is entered into the property record.

% of Ownership calculation

                Owner charge for this assessment is calculated using the percent of property ownership.  Only 1 charge category is needed as you enter the total budgeted monthly, quarterly, or annual assessment amount for all owners into one code category amount.   Note that the % of property ownership is entered into the property record

 

Setting up codes for Flat Assessment (Set Amount)

 

Calculation Method: Flat Dollar Amount

Late Fee Amount: Late Fee Flat Dollar Amount  

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Code Category

What to expect The Amount and Late Fee totals will be set. In order to create a set a new amount, a new Code Category must be created.

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Add a New Category

Click the Add button

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Category Name  Enter a number or name for this Category

Description  Enter a Description of type of home or name of assessment category

Amount  Enter amount of Charge (500.00, 950.00, etc.)

Late Fee Amount of Late fee

Minimum Liability Minimum Liability (amount due for this assessment) before a late fee is calculated and posted.

 

% of property value

Before you set this calculation method, make sure you have set the Assessed Value on the Property pages that you want to assign the code to.

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Calculation Method Percent of Property Value  

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Code Category

What to expect  In the code category, under  Assessment Percent, enter the percent of the property value you’d like to charge.

Example: If the home is worth $300,000 and the Assessment Percent is set to .01% the owner will receive an Assessment charge of $30.

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Add a New Category

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Click the Add button

 

Category Name  Enter a number or name for this Category

Description  Enter a Description of type of home or name of assessment category

Amount  Enter % of total charge

Minimum Liability  Minimum Liability (amount due for this assessment) before a late fee is calculated and posted.

 

 

 

Square Feet X Rate Method

Owner charge for this assessment is calculated by multiplying the square footage of the home.  

Make sure you have this set on the property page prior to applying charges.

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Calculation Method Square Feet X Rate

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Code Category

What to expect  The amount entered will be multiplied by the square footage set on the property page in order to find the charge amount.

Example: If a properties square footage is set to 2756 sq feet, and the charge amount per square feet is $.03, the owner will receive a charge for 82.68

Use the Round to the Nearest Dollar toggle in the Code details section to round the amount.

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Add a New Category

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Click the Add button

 

Category Name  Enter a number or name for this Category

Description  Enter a Description of type of home or name of assessment category

Amount  Enter rate charged per square footage

Late Fee Amount   Amount of Late fee

 

 

 

% of Ownership calculation

                Owner charge for this assessment is calculated using the percent of property ownership.  Only 1 charge category is needed as you enter the total budgeted monthly, quarterly, or annual assessment amount for all owners into one code category amount.   Note that the % of property ownership is entered into the property record

The total ratio for all properties must equal to one. The owner ratios totaling out to one (1) will be equivalent to 100% of the properties being owned.

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Calculation Method Total Amount X Percent Ownership

 

 

Code Category

What to expect The amount entered in the code will be multiplied by the owner ration on the property page.

 If there are 100 properties, and if every property owns the same amount ( .01 ),

The charge amount be 20,000 and each property would get charged $200.

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Add a New Category

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Click the Add button

 

Category Name  Enter a number or name for this Category

Description  Enter a Description of type of home or name of assessment category

Amount  Enter total assessment budget amount for the period (only one category is needed for this calculation method)

Late Fee Amount   Amount of Late fee

 

 

 

Other CODE CATEGORY OPTIONS

TIP: Use Fiscal Year option to define next year assessment code amounts ahead of time so you don’t have to remember later!!

 

Choose the drop-down and select the next year

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Edit options include

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Use +Add to add a new Category

 

 

Use X to delete a Category

Use Pencil to edit an existing Category

 

Once code setup is complete, select SAVE

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