LodgeWright Condominium Owner’s Accounting Unit.
Assigning Assessments
The recurring assessments tab of Owner Setup is where you identify and apply assessment types directly to the owner. Whenever an assessment type is applied to the house every owner to whom that assessment has been assigned will get their percent of house portion of the total assessment.
To apply an assessment simply click on it in the list on the left so that it is highlighted. Then click the top arrow, the one pointing to the right, to assign it to the owner.
To remove an assessment simply click on it in the list on the right and click the bottom arrow, the one pointing to the left.
To assist you in tracking total house assessments the total percentage of the house currently assigned to all owners is shown. This total does not reflect percent of house assigned directly to owner units, as it is assumed that unit assessments will be different from direct owner assessments.
Assigning Units and Unit Assessments
A unit must be assigned to owners if it is identified in LodgeWright as a condominium unit and the rental information is to be posted automatically to the condominium owner’s accounting unit. All of the units in the LodgeWright property are listed n the drop down box labeled “Unit”, regardless of whether or not they have been identified as a condominium in LodgeWright. If a unit is assigned to a condominium owner and it is not designated as a condominium in LodgeWright no automatic posting of rent will occur. For automatic posting the unit must be identified in LodgeWright as a condominium AND it must be assigned to at least one owner in the LodgeWright Condominium Owner Accounting Module (this program).
More than one unit may be assigned to an owner.
More than one owner may be assigned to a unit.
You set up percent of house, percent of unit, and assessment types to each unit/owner combination. This means that if there are multiple co-owners for a unit each owner can have a completely different set of assessments and percentages. The default value entered for a new unit is 100/(total number of units), where (total number of units) is the list that appears in the drop down box labeled “Unit”.
The percent of house is used when a house assessment is applied to a unit. If the same assessment is assigned to both the recurring assessments of an owner and to a unit belonging to that owner the owner will be assessed twice. Be careful. If you hover the mouse pointer over the percent of house text box a message will appear indicating the current total percent of house assigned to all unit/owner combinations. This total is for units only, and does not reflect percent of house assigned to direct owner assessments.
The percent of unit is used when an assessment is applied or distributed to a unit. One owner units should have 100 percent of a unit. When more than one person shares ownership of a unit the program will automatically distribute unit rental income and assessments by percent of ownership.