How to create, manage, and use allocation keys

CONTENT

• Introduction
• Requirements
• Location
• Create an allocation key
• Creste an allocation key using the import/export method
• Edit a key
• Duplicate an allocation key
• Archive a key
• Use a key
  • Apply the key on funds
  • Apply the key to a contribution

Introduction

By default, contributions to the common charges are divided according to the shares of the fraction. However, there can be exemptions to the rule. For example, if commercial space does not pay for the maintenance of the residential areas (pool, gym, etc.) or if only certain fraction owners contribute to certain expenses (if it is determined that, for example, only parking owners pay for the snow removal in the parking lot). The allocation key will allow you to manage those exceptions. 

Requirements

Make sure that all the fractions have been created in the fractions registry.

For the import/export method, Excel is required.

Location

1) Login to your account and go to your property.

2) Under FINANCES, in the SUMMARY, select ALLOCATION KEYS.

The allocation keys will appear in this section. The general allocation key is determined by the shares of the fractions and cannot be modified.

Create an allocation key

1) Click on ADD.

2) In the first section, add the key’s number, title, and description (optional).

3) In the second section, add the following:

4) Click SAVE. The allocation key will then be available to use in your budgets.

Creste an allocation key using the import/export method

1) Choose the type of distribution.

2) Add your fractions.

3) Under ACTIONS, select EXPORT.

4) In the excel sheet, fill the SHARE (KEY) section, then save the file on your computer.

5) Under ACTIONS, select IMPORT, and upload your Excel sheet. The information from the document will be transferred into the key, ready to be saved.

Edit a key

1) Go in the allocation key.

2) Make your adjustments, and then click SAVE.

Note: Adjustments to a key used in a budget will not change the charges retroactively, but they will be applied to the upcoming months.

Duplicate an allocation key

1) Click on the duplication icon for the key you wish you recreate.

2) Make the required adjustments, and then click SAVE. It is STRONGLY recommended to update the name of the new key to avoid any confusion.

Archive a key

1) Go into the allocation key.

2) Under ACTIONS, select the ARCHIVE option.

Note: An allocation key used in an active budget cannot be archived.

Use a key

Apply the key on funds

1) Go under "FINANCES > ACCOUNTS > FUNDS", and then go in the fund for which the key was created.

2) In the ALLOCATION KEY dropdown menu, select the allocation key. When you create a budget with the allocation key per fund type, every contribution to this fund will be distributed according to that allocation key.

Apply the key to a contribution

When you create a budget and select the allocation type per account, you will be able to selec tthe allocation key to apply to your accounts. If the revenue account is indicated as a contribution to fund, the contribution will be distributed accordingly..

Note: You can apply an allocation key to an expense account, but it won't have any impact on the contributions. It is to serve as a reference to know which expense is covered by the contribution.