This article explains how figures on the Income vs Expenditures (IvE) report are being calculated.
This report is based on the actual cash movements for your property in the specific financial year.
General information about report:
- All items included in this report are picked up by their date. That means if an item is dated in the financial period then it will be included.
- This report does not include any invoices, credit notes, supplier opening balances, leaseholder opening balances, bank account opening balances or credits allocated to invoices.
EXAMPLE 1:
A Payment on Account of £100 under the category Service Charge and schedule Maintenance has been added to the leaseholder's account.
The IvE report will show it on the Summary tab under the Income column and will also include it in the Income tab.
If we then allocate that £100 to any Service Charge demand it will not change anything on the report.
- The report will included only: Payments, Payments on Account, Ledger Items, Refunds, Supplier Payments
Below you can find more details about how figures on each column in each tab are calculated:
Remark 1:
In the next part of the article we will use the following terms:
-'qualifying items' - any Unit Payments, Unit Payments on Account, Unit Refunds, Supplier Payments, Supplier Payments on Account, Supplier Refunds and Ledger Items
- 'qualifying income items' - any Unit Payments, Unit Payments on Account, Unit Refunds and Ledger items(for Revenue, Revenue and Expense categories)
- 'qualifying expenditure items' - any Supplier Payments, Supplier Payments on Account, Supplier Refunds and Ledger Items(for Expense,
On top of every tab in this report you will see the header with the property name, period dates and report issue date.
EXAMPLE 2:
1. Summary
The summary tab will show the total per schedule for each column. It is calculated based on the Financial Period selected before downloading the report.
Columns:
Remark 2:
- In the examples below we will only show up to 4 columns from each tab at the same time. All of those examples are from the attached example report.
Schedule - The name of the schedule. For a schedule to show here it has to have at least one qualifying item assigned to it from the report period. It is possible for this cell to be empty if there are qualifying items not linked to any schedule.
YTD Income - It will show all qualifying income items with a date that falls between the Period Start date and the Report Date (or Period End date, whichever is earliest)
YTD Expenditure - This will show all qualifying expenditure items with a date that falls between the Period Start date and the Report Date (or Period End date, whichever is earliest)
YTD Variance - This will calculate the difference between YTD Income and YTD Expenditue
Period Income: - This will show all qualifying income items with a date that falls between the Period Start date and the Period End Date.
Period Expenditure - This will show all qualifying expenditure items with a date that falls between the Period Start date and the Period End Date
Period Variance - This will calculate the difference between the Period Income and the Period Expenditure
Previous Period Income - This will show all qualifying income items with a date that falls into the Financial Period prior to the one selected for the report ( if such a period is set up in Resident)
Previous Period Expenditure- This will show all qualifying expenditure items with a date that falls into the Financial Period prior to the one selected for the report ( if such a period is set up in Resident)
Period Variance - This will calculate the difference between the Previous Period Income and the Previous Period Expenditure
2. Income
This tab provides a breakdown of all Income columns based on the categories. Groups will be created according to the following order: Parent category - > Category -> Schedule
EXAMPLE 3:
Let's assume we have the following items in our financial period:
| Type of the item | Amount | Schedule | Parent category | Category |
| Payment | 100 | Service Charge2021 | Block Revenue | Ground Rent |
| Ledger Item | 200 | Lift | Health & Safety | Health and Safety Inspections |
| Payment on account | 300 | Service Charge2021 | Block Revenue | Service Charge |
| Refund | -400 | No Schedule | Block Revenue | Service Charge |
- Now the totals in the Summary tab will be:
Period Income: £400 - for Service Charge2021, £200 for Lift and -£400 for No Schedule
- To compare it with the Income tab:
Period Amount: £100 - for Ground Rent/Service Charge2021; £300 Service Charge/Service Charge2021; £200 Health and Safety Inspections/Lift and -£400 for Service Charge/No Schedule
This tab also provides additional info about the amounts included in the budget for each category in the report's period and the one prior to it. That might result in having rows with no £0 amounts of income e.g. if category was included in the previous period budget but not the current one.
Columns:
Parent Category - Name of the parent category under which the category totalled in this row has been created
Nominal Code - Nominal code assigned to category totalled in this row. This cell can be empty
Category Name- Name of the category totalled in this row
Schedule - Name of the schedule assigned to all items totalled in this row
YTDAmount - Total of qualifying income items with the same category and schedule from the Period Start date to the Report Date (or the Period End)
Period Amount - Total of qualifying income items with the same category and schedule from the Period Start date to the Period End date.
Budget - Amount included in the budget for the report's financial period for this category and schedule
Previous Period Amount - Total of qualifying income items with the same category and schedule in the previous financial period.
Previous Budget - Amount included in the budget for the previous financial period for this category and schedule. On the Income tab it will be £0 in most cases as Revenue categories cannot be included in the budget. It might only have non-zero amounts for the categories with type Revenue and Expense.
3. Expenditure
This tab provides a breakdown of all Expenditure columns based on the categories. Groups will be created according to the following order: Parent category - > Category -> Schedule
EXAMPLE 4:
Let's assume we have the following items in our financial period:
| Type of the item | Amount | Schedule | Parent category | Category |
| Payment | 100 | Service Charge2021 | Mechanical & Electrical | Lift Insurance |
| Ledger Item | 200 | Lift | Health & Safety | Health and Safety Inspections |
| Payment on account | 300 | Service Charge2021 | Mechanical & Electrical | Lift Maintenance Contract |
| Refund | -400 | No Schedule | Maintenance | General Repairs |
- Now the totals in the Summary tab will be:
Period Expenditure: £400 for Service Charge2021; £200 for Lift; -£400 for No Schedule
- To compare it with the Expenditure tab:
Period Amount: £100 for Lift Insurance/Service Charge2021; £300 Lift Maintenance Contract/Service Charge2021; £200 Health and Safety Inspections/Lift; -£400 General Repairs/No Schedule
Columns:
Parent Category - Name of the parent category under which the category totalled in this row has been created
Nominal Code - Nominal code assigned to the category totalled in this row. This cell can be empty
Category Name- Name of the category totalled in this row
Schedule - Name of the schedule assigned to all items totalled in this row
YTDAmount - Total of qualifying Expenditure items with the same category and schedule from the Period Start date to the Report Date (or the Period End)
Period Amount - Total of qualifying Expenditure items with the same category and schedule from the Period Start date to the Period End date.
Budget - Amount included in the budget for the report's financial period for this category and schedule
Previous Period Amount - Total of qualifying income items with the same category and schedule in the previous financial period.
Previous Budget - Amount included in the budget for the previous financial period for this category and schedule