Summary: This article with discuss how to set up percentage of ownership assessments.
Creating a Charge
You will first start by setting up the assessment on the Association > Assessments page. Visit the How to Set Up a New Charge or Assessment article for more information on setting up the assessment.
Creating a Rule
The charge Rule must be created before you can import your percentage of ownership. Once your assessment charge is created, click on the dropdown arrow for that charge and click on + New Rule.
The Edit Assessment Rules screen will open, which will allow you to create your new percentage rate assessment rule.
Start Date will default to the first date of the current year. You can leave it as is or set a future date for the assessment to start.
End Date is not required, and is not recommended unless this is a short-term assessment. For "regular" assessments, it's best practice to leave End Date blank.
Frequency determines Monthly, Quarterly, Semi-Annual, or Annual billing.
Type should be set to Percentage (% APR) from the dropdown list as shown below. Then select if you'd prefer to Round to the Nearest Penny or Round to the Nearest Dollar.
Click + New Date and enter the total amount to be billed during that billing period to the entire association in the Amount column as indicated below. For example, if the sum total of every homeowner that should be billed in January is $3,600, then enter 3600.
Click Update to save your changes.
The charge for each homeowner will auto-calculate based on the percentages you import.
Charge Percentage Import
Once the rule is established with the total amount to be billed to all Homeowners, use the Excel Template at the bottom of this article to import the Charge Percentages. For this import, only two columns are required:
- Account - This is the homeowner account number.
- Percentage - This represents the percentage of that total amount to be billed to the homeowner.
- The spreadsheet only goes to two (2) decimal places. X.XX%
- Be sure your total percentage equals 100%. If it does not, you will actually charge more, or less, depending on the sum. For example, if you charge rule states $100 per month, but your Percentage total is only 90%, then only $90 will be billed per month.
The sample spreadsheet used in this example is attached at the bottom of this support article for your reference.
Once the import spreadsheet is filled out, navigate to the Settings > Import screen and click + New Import.
This will open a pop-up screen where you can select the import type, select the Homeowner Charge Percentage Import type.
There are two import modes for the Homeowner Charge Percentage import:
- Append - This mode is used for the initial import.
- 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.
After you select your Import Mode, select the Association for which you want to import the percentages. Next, and select the correct Assessment from the Charge dropdown. Next, 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 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.
Note that you must click Save to save any changes you made to the import 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, refresh your Percentage Rate Rules by navigating back to the Association > Assessments page. Click the dropdown on the charge you just committed the percentages to, click Rules then click Update.
Editing a Percentage Later
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 as shown below.