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Glossary Terms

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Accounting Ledger

Accounting

An accounting ledger is a book or digital record containing incoming and outgoing entries.

In SWORP, we have 3 types of Ledgers:

Tenant Ledger:

Records all transactions and payments between a tenant and a landlord. Payments in the tenant ledger act fluid as default.

Examples of transactions that will go into the tenant ledger:

- Tenant related Income (Money in)

  • Rent
  • Late fees
  • Pet fees
  • Damage charges
  • etc.

- Tenant related Expenses (Money out)

  • Return of utilities deposit overpayment
  • Rent discounts
  • Refunds on agreed purchases
  • etc.
Property Ledger:

Records all transactions and payments related to a property (Building or Unit). Since the payments related to a property can be of a very varied nature, all payments in the property ledger will act static.

Examples of transactions that will go into the property ledger:

- Building related Income (Money in)

  • Billboard rental
  • Coin laundry
  • Common area rentals
  • etc.

- Building related Expenses (Money out)

  • Building repairs
  • Building cleaning fees
  • Building gardening fees
  • Pest control
  • Property tax
  • Travel expenses
  • Insurance
  • etc.
Property Subledger

Property subledgers record recurrent expenses associated with a property, such as utility payments or regular services agreements. Payments within a subledger act fluidly, as these transactions involve the same payer-receiver.

Examples of transactions that will go into the property subledger:
  • Electricity monthly deposit
  • Water monthly deposit
  • Repair fund
  • Cleaning fees
  • Gardening fees
  • etc.

Active Portfolio

Property Management

The current open Portfolio. It is only possible to work in one Portfolio at the same time.

Asignee

Tasks

The person responsible for completing a task. It can be anyone that has access to the Active Portfolio.

Assignee

Tasks

The person responsible for completing a task. It can be any user with access to the active portfolio.

Building

Property Management

A building is a structure with a roof, walls and openings like doors and windows. It may contain units, like an apartment building; or not, like a family house.
A building is always defined by an address and if it is owned, it can be associated to a rental contract on its own.

Building features

Property Management

Structural characteristics of a Building.

  • Balconies: a balcony is a platform that projects from the wall of a building and is enclosed by a parapet or railing.
  • Terraces: a terrace is an external, raised, open, flat area in either a landscape or a building or as a roof terrace on a flat roof
  • Loggias: a covered exterior gallery, balcony or corridor
  • Garden: a piece of land, usually near a home, where flowers and other plants are grown
  • Attic: the space or room at the top of a building, under the roof
  • Basement: the floor of a building which is partly or entirely below ground level
  • Commercial space: buildings and land that are intended for profit-generating activities

Contract

Contract

A contract in SWORP is a rental agreement between a tenant and landlord that gives a tenant the right to live in or use a property for a fixed or for an indefinite period of time.

Coverage limit

Insurances

Insurance coverage limits set the maximum amount the insurance will pay for claims on each type of coverage covered in the insurance contract.

Current month rent

Contract

Mode of rent in which the tenant pays for the current month.

Deductible

Insurances

An insurance deductible is the amount of money you will pay on an insurance claim before the insurance coverage kicks in and pays the rest. It can be a fix amount or a percentage, in which case it would be a percentage of the total coverage amount on your policy

Deposit

Accounting

A security deposit is an amount of money that a renter pays when beginning to rent property (such as an apartment) and that can be used to pay for any damage that the renter causes to the property.

Security deposits are not a part of the monthly rent and they are not considered as Income. A landlord may also keep a security deposit if there are unpaid rent or utility charges.

Disposition

Property Management

Property Disposition in SWORP describes the structural characteristics of a real estate asset, whether it is a building or a unit.

Building Disposition

What are the features of the building where your Unit is located?

  • Size: total size of the whole building
  • Parking: is there parking available, and what kind is it
  • Parking total size (m2): total parking size
  • Building features: Does the building have balconies, terraces, an attic, commercial space,...
  • Above ground floors: Total floors above the ground level
  • Underground floors: Total floors underground level
Unit Disposition

What are the features of the unit you own?

  • Size: total size of the unit
  • Layout: distribution of the floor plan
  • Outdoor features: Does the unit have a balcony, terrace or garden?
  • Outdoor features total size (m2): What is the total size of the outdoor features available?
  • Floors: Does your unit spread across more than one floor level?
  • Bathrooms: How many bathrooms are available?
  • Parking: Does it have a dedicated parking space, and what type?
  • Parking total size (m2): What is the size of the parking space?
  • Orientation: What is the orientation of the windows of the unit?

External Occupancy

Property Management

We can use the External Occupancy flag to indicate that a property is completely managed out of SWORP, and therefore we are not interested in registering any rental contracts in the system. If a property is flagged with External Occupancy, it will not count towards the Vacant Properties metrics.

Fluid payments

Accounting

In SWORP you have the possibility to add a payment that will cover for a few transactions at once, in FIFO mode (First in, First out).

For example, when a new tenant moves in, he will pay you for the first month, and the security deposit. He will usually make this payment as a single bank transfer or cash handout, but technically, they are two separate transactions. In SWORP, you can add one payment and it will cover both of the transactions at once.

Fluid payments will come in handy as well for tenants that pay for more than one month at once, or for tenants that send you their monthly rent plus an extra to cover for an additional charge (damage, utilities top-up, etc). You will receive the money at once, but it will cover two different transactions.

If a transaction paid with a fluid payment is removed, the payment will flow to the next unpaid transaction.

Forward rent

Contract

Rental mode in which the rent is paid a month in advance. Also known as Prepaid rent, this is the most common rental mode.

Static payments

Accounting

Static payments are the opposite of fluid ones, as they will only be associated with a specific transaction. If the transaction is deleted, the payment will not flow to other unpaid transactions.

Habitable Floors

Property Management

Any floor usable for living purposes, which includes working, sleeping, eating, cooking or recreation, or a combination thereof.

Insured amount

Insurances

It is the amount determined in the insurance contract as the upper limit of the insurer's insurance performance for property insurance. It indicates the highest possible financial amount that the insurance company can pay to the insured in the event of damage. The amount is used as a basic parameter for calculating the insurance premium.

Layout

Property Management

The way in which a floor plan of a residential unit is arranged. The most typical ones in the Czech Republic are:

Studio
  • 1 + kk = 1 room with a kitchen
One-bedroom apartments
  • 1 + 1 = 1 room + kitchen as a separate room
  • 2 + kk = 2 rooms where one of them has a kitchen
  • 2 + 1 = 2 rooms + kitchen as a separate room
Two-bedroom apartments
  • 3 + kk = 3 rooms where one of them has a kitchen
  • 3 + 1 = 3 rooms + kitchen as a separate room
Other
  • 4 + kk, 4+1, 5+kk, etc. follow the same system as the layouts described above
  • Atypical = a different layout

Month-to-month

Contract

A modality of indefinite rental contract, where the end date is not defined. They are also known as no end contract.

No end date

Contract

A modality of indefinite rental contract, where the end date is not defined. They are also known as month-to-month.

Occupancy

Property Management

Occupancy relates to the fact that the property is rented out or not.

Owned

Property Management

Check this box if you own or manage the whole building.

Parking

Property Management

A space or area where vehicles can be left. There are different types of parking:

  • Indoor: fully covered parking area or space
  • Outdoor: dedicated parking area or space outdoors, uncovered
  • Covered: partially covered parking area or space, with a carport or roof.
  • Stacked: parking space in a multilevel platform system
  • Garage: closed private parking space.

Past month rent

Contract

Mode of rental in which the tenant pays for the past month.

Payable

Accounting

Payables are transactions that are expected to be paid by the landlord, expected expenses.

Payment

Accounting

Payment is the moment when the exchange of money actually happens, and it will trigger marking a transaction as paid. A payment can be incoming (Money in) or outgoing (Money out) and they can be associated to one or more transactions.

In SWORP, you can introduce fluid payments, that will cover unpaid transactions according to their due date (first come, first paid), or static payments, that will be exclusively associated to a single transaction.

Policy holder

Insurances

A policyholder is a person who has an insurance policy with an insurance company.

Portfolio

Property Management

You can group your properties into separate Portfolios in order to manage them logically and share data with partners, property managers or investors. For example, you may want to group your properties by geographical zones, currency, by type of rental or any other logical arrangement that works for you.

Each Portfolio is set in one Currency.

Premium

Insurances

The insurance premium is the amount of money you must pay to the insurance company for your insurance policy.

Prepaid rent

Contract

Rental mode in which the rent is paid a month in advance. Also known as Forward rent, this is the most common rental mode.

Property

Property Management

A real estate asset that is owned, it can be a building or a unit within a building.

Receivable

Accounting

Receivable are transactions that are expected to be received by the landlord, expected income.

Rent

Contract

A tenant's regular payment to a landlord for the use of property or land

Rent component

Contract

Any additional charges that the tenant pays additionally to the Rent, such as Utilities and other building services (Garbage collection, cleaning,...)

Rent due date

Contract

The day of the month when the tenant must pay the rent. When the rent due date falls on a weekend day or legal holiday, the tenant must pay rent by the next business day

Subject of insurance

Insurances

In a the context of real estate, the subject of insurance, refers property against which an insurance policy is taken out, the insured property.

Task status

Tasks

A task can have 3 status:

  • Pending: the task has not been started yet
  • In progress: the task has been started
  • Done: the task is completed. Done tasks do not appear in the tasks tab, but they can always be seen in the All tasks page.

Tenant

Tenants

A person or company who pays a fee (rent) in return for the use of land, buildings, or other property owned by others for a period of time.

Total Rent

Contract

The amount that a tenant is expected to pay every month, it includes the Rent and other Rent components.

Transaction

Accounting

Transactions are records of financial operations, they can be incoming or outgoing, and be paid or unpaid. In SWORP we use accrual accounting, which recognizes a transaction immediately after it is finalized, regardless of when payment is received or made.

For easier understanding, we could say that a transaction is the equivalent of an invoice, and it can be incoming (Money in) or outgoing (Money out).

Examples of use:
  • When a tenant moves in, we will automatically generate the corresponding Rent transactions for the next 3 months, and as you receive payments, they will be marked as paid.
  • If you need to add an extra charge to a tenant (for example to cover a damage to your property), you can add a new transaction that the tenant will pay you.
  • Expenses in your property are also transactions, this time they will be Money out transactions.

Type of Unit

Property Management

In SWORP we consider different types of units, depending on their main use:

  • Apartment: a separate residential Unit
  • Room: a residential subunit inside a house or an apartment.
  • Non-living space: non residential unit, the primary use is commercial (office, store, restaurant,...)
  • Storage unit: the primary use is storage
  • Parking space: dedicated parking space
  • Attic: Space at the top of a building, under the roof

Type of building

Property Management

In SWORP we consider different types of building depending on their main function:

  • Family House: A standalone residential building, intended for a family to live in.
  • Apartment Building: A building primarily containing separate residential units.
  • Office Building: A building primarily containing non-residential units.
  • Multipurpose: A building containing many types of units, residential, non-residential and mixed.
  • Storage: Building used primarily for storage.
  • Garage: Building used primarily for parking

Type of insurance

Insurances

There are 3 types of insurances related to property:

  • Property/real estate: Insuring a house, apartment, garage or cottage will guarantee compensation for damages incurred by fire, lightning strike, vandalism etc. The insurance of a building includes the building parts as well as the outside access lines. Only the owner of the property can take it.
  • Household: A household insurance covers the personal belongings and equipment of a property. Since it insures the equipment of a property, both an owner or a tenant can take it, and it is in fact ideal for those of you who live in a rental. In addition, it is possible to insure things in the garden, in the car, or a storage room.
  • Liability: A liability insurance covers for a damage caused to another person or property. The person living in a property should take it.

Unit

Property Management

A Unit is a property that is part of a building, and that can be associated to a rental contract on its own. It can be an apartment, a parking space or even a room.

Utilities

Utilities

A service (such as electricity, gas, or water) provided by a public utility.

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