For associations that are billed based on a percentage of ownership structure, you can complete their billing by using a simple import, the Homeowner Charge Percentage import.
You will first start by setting up the assessment on the Association -> Assessments page. For more information on creating a new assessment, CLICK HERE to view our support article.
Once your assessment charge is created, click on the dropdown arrow for that charge and click on New Rule.
Upon clicking the New Rule button, the Edit Assessment Rules screen will open, which will allow you to create your new percentage rate assessment rule. Set the start date for the billing period, enter the frequency and select Percentage from the Fixed Rate or Percentage dropdown list. You can also decide how you want amounts to be rounded, either to the nearest penny or to the nearest dollar. Then, click on the New Date button and enter the total amount to be billed to the entire association in the Amount column.
For this example, if the total amount to be billed in assessment charges each month is $10,000, you will put 10000 in the Amount column, click update and your total will auto-calculate.
*Please note that the total amount to be billed will be entered into the Amount column, not the Total column. The Total column is irrelevant for Percentage based assessments.
Then, once the rule is established with the total amount to be billed to all Homeowners, we will format a spreadsheet to use to import our Charge Percentages. For this import, only two columns are required:
1. Account - This is the account number for the owners to be billed
2. Percentage - This represents the percentage of that total amount to be billed, which we established under the assessment rule
The sample spreadsheet used in this example is attached at the bottom of this support article for your reference.
So, if the owner gets charged 5% of the total $10,000, then you would put a "5" in the Percentage column for that account. See the attached Homeowner Charge Percentages spreadsheet for an example.
Once the import spreadsheet is filled out, go to the Settings -> Import screen and click New Import.
From the New Import screen, select the Homeowner Charge Percentage Import type.
There are two modes for the Homeowner Charge Percentage import:
1. Append - This mode is used for the initial import
2. Replace - This mode can be used to overwrite any previously applied Homeowner Charge Percentage imports for the specific charge you have selected. This can be especially helpful if you need to revise or adjust the percentages you have originally imported.
Next, select the appropriate association and then select from the Charge dropdown the assessment description that you used to setup your percentage assessment rule. Be sure to select the correct assessment! Then, click the Select Files button to search for and select the Homeowner Percentage Import spreadsheet that you configured with your charge percentages.
After you have selected your file, then spreadsheet will be uploaded into Vantaca and once the upload is complete, you will be taken to the Import Mode screen, as displayed below.
From the Import Mode screen, we can see the number of owners in the association reflected as Valid Records (47 in this example). This feature helps us to verify whether or not we are importing the correct number of billing records.
If you are satisfied with your import, click the Commit button (in the upper right hand portion of the page) to commit your import. If you would like to make changes to your import, you can either make those changes within the Import Mode screen, or you can click the Back button to back out and delete the import for uploading a replacement.
*Please note that you must click Save in order to save your changes prior to committing your import. If you are clearing out error messages, they will not go away until you save your changes!
Once the import is successfully committed (there will be an orange "committing..." box in the top right corner of the page while the import is committing), we will need to refresh our Percentage rate rules with the import we just committed. To do this, go back to the Association -> Assessments page to the Percentage rate rule that you created, click the "Rules" button and then click Update to refresh the import with your new imported percentages.
This will refresh the charge after the import and apply those percentages to the Homeowner accounts you identified in the import. You're finished!
Now, you can verify the amounts being billed to each owner by clicking on the Generations tab of the Assessment we setup and clicking the dropdown arrow associated with the next upcoming assessment billing date. From here, this billing information can also be exported into an Excel spreadsheet.
* Please note that you can also run the Homeowner Charge Percentages report from the report menu to view a breakdown of the percentages by owner!
Now that your percentages have been imported, you can also manually edit and manipulate the percentages for each owner specifically by going to the Homeowner's account and navigating to the Homeowner -> Tags page and then updating the value in the Percentage Rate section for the chosen charge.
You are also able to view Percentage of Ownership for each homeowner within the Homeowner List under the Homeowners tab within Vantaca. You will select the three dots, go to columns and select the % of Ownership to add that a column under your Homeowner List.
***Please note that you are only able to see the % of Ownership on your homeowner list as long as the charge itself is active. If the charge is not active the % of ownership will not displayed until the start date of your rule for that specific assessment.