Budget

General principles

• In this section you can:
• Create a new budget
• Edit a draft budget
• Apply a draft budget
• View your old budgets
• Each budget includes a revenue part and an expenditure part
• Budget Contributions correspond to all condo fees paid by the co-owners. They include the amounts required to pay current annual condo fees as well as those paid into various funds such as the contingency fund or the self-insurance fund.
• Unlike annual contributions, exceptional contributions are temporary and must end on a specific date.
• The application will calculate the contribution of each unit, parking and /or locker depending on their respective share.
• The units will then be automatically billed on the 1st of each month.
• Expenses are budgeted account by account.

Budget creation process

• To create a new budget, click on Create new budget.
• You must define budget contributions and expenses (see below).
• Once completed, click Save to save your budget project. You can then rework your project later.
• As long as it remains to project status, your budget is not applied.
• Once your budget is approved, you can apply it by clicking on Apply budget. Then set the application date of this budget and click Apply Budget again.
• Once applied, the budget cannot be modified.
• AppNFlat will calculate the new contributions for each unit, parking lot and /or locker and will apply them on the first day of the following month.
• If your budget is applied retroactively, AppNFlat will calculate the retroactive share of each contributor and invoice it on the first day of the following month.

Creating a forecast budget

Budget contributions

• To add a new contribution, click on Add a contribution.

Settings

Name	Contribution Name
Amount	Total annual amount of the contribution
Account	Date on which a contribution ends. When this field is empty, the contribution has no end. This field should therefore be defined for an exceptional contribution and left empty for an annual contribution.
Applies to	Each contribution can have different contributors. For example, you can set up a specific contribution for parking owners or 3rd floor units. You can select contributors one by one or by group: All units, All parking lots, All lockers Each contributor's share is calculated using the following formula: Contribution = (Contributor's share * total contribution) / (sum of all contributors' shares)

Expenses

• You can specify the budgeted expenses category by category.
• To add a new category, click New Account.

Modifying a provisional budget

• In order to rework your draft budget, select Draft budget in the Budget drop-down menu.
• An alert will confirm that the budget is provisional and has not yet been applied.
• Click Edit at the bottom of the page to modify your provisional budget.
• Modifying the budget follows the same principles as creating it (see previous section)
• Once your changes are complete, click Save. You can rework your budget until it is applied.

Apply a draft budget

• To apply a draft budget, click Apply budget.
• Specify the application date of this budget,
• Click Apply budget again.
• Once applied, the budget cannot be modified.
• AppNFlat will calculate the new contributions for each unit, parking lot and/or locker according to the formula:
  Contributor’s share = (Contributor’s share * total contribution) / (sum of all contributors’ shares)
• The new contributions will be applied on the first day of the following month.
• If your budget has a retroactive component, AppNFlat will calculate the retroactive share for each contributor and invoice it on the first day of the following month.

View previous budgets

• To view a previous budget, select the budget in question in the Budget drop-down menu.
• An alert will confirm that this budget has been applied.
• You will not be able to modify it.