How to set up periodic charges in Qube

In my fifth entry of our "How to Qube" series, I'm going to walkthrough how you can set up periodic charges.

Qube users often add in regular charges, such as rent or service charge from scratch each month. With Qube PM, that's not necessary. Instead of having to set up the charge each time, you can set it up just the once so you don't need to worry about adding it again.

In fact, you can add a monthly charge onto every tenant on a property to begin on a certain date and then, every month you run one routine to update every tenant with their charges. These charges can also have different periodicities such as quarterly, half-yearly, annually etc and they can all be run at once.

People who are not using this routine usually manage a spreadsheet of charges each month to upload or post them individually. This introduces possibility of errors and is hugely time intensive.

So, let's get your regular charges set up asap!

Setting up a periodic charge on a customer

1. To get to a tenant record from the main screen select the Tenant shortcut icon and search for your customer and then click to "Select".

2. Go into the customer (in this example, Andrew Bailey) and click on the "Charges" tab.

This tab can be used to tell Qube when there is a periodic charge that the customer needs to pay (weekly, monthly, annually etc). It shows the amount, when its next due, when the charge has been posted up to, and which heading it is against.

Charges can only be added once a fund has been set up as you need to know which heading the charge will go against. To do so...

3. Click on the new record icon.

4. Fill in the form with the details of the charge, starting with a charge start date and end date.  (You can leave the end date as n/a if it will be an ongoing charge).

5. Fill in the periodicity using the drop-down. You should include:

• how often you want the charge to be added to the customers transaction tab
• if it is to be charged in advance or in arrears.

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6. Enter the "Next full period". This is when you want Qube PM to charge the customer next. Also, enter the "Date charged to" - this should be the day before the charge is next due.

7. Next, use the "Heading" drop down to select the income flow you wish to charge against. Press the enter key and it should bring in a description, the periodicity and whether the charge is in advance or arrears. (If you want something bespoke, you can overtype with your own description). Note also that the General Ledger nominal code has also been brought in.

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8. Finally, fill in the amount. You can input the Gross amount for the period and it will work out the annual charge. Alternatively, you can add the annual amount and it will work out the period amount.

Once the charges have been created on a tenant, the debit periodic charge routine can be used to create transactions on the customers record based on the charge.

There you have it: how to setup a periodic charge in Qube PM.

If you need some assistance, please do feel to reach out.