Now that you have your schedules created, you can add a budget for your development.
1. On your management company dashboard, select “budgets” on the left hand navigation bar.
2. Click “Add a budget” in the right hand corner.
3. The next step will be to create a budget name, a start and end date for the budget and a title for the invoice. The invoice title is often referred to as a “Request for Payment”/”Payment Demand”/”Estate Rent Charge”.
4. The schedules will appear and you can begin to build a budget around these respective categories.
5. Here is an example of a budget for 2023:
6. The budget is automatically summarized once the figures are introduced to each of the schedules.
7. To save the budget click the blue “save” button. Users can save their progress and continue to build their budget at another time.
8. To approve the budget click the blue “approve” button. A popup will appear asking whether you want to approve the budget. The budget can be unapproved later, provided invoices have not been created.
9. To create the invoices based on this budget, click the blue “create invoices” button.
10. N.B. Once invoices have been created, budget CANNOT be unapproved and changed.