An accounting ledger is a book or digital record containing incoming and outgoing entries.
In SWORP, we have 3 types of Ledgers:
Records all transactions and payments between a tenant and a landlord. Payments in the tenant ledger act fluid as default.
- Tenant related Income (Money in)
- Tenant related Expenses (Money out)
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.
- Building related Income (Money in)
- Building related Expenses (Money out)
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.
The current open Portfolio. It is only possible to work in one Portfolio at the same time.
The person responsible for completing a task. It can be anyone that has access to the Active Portfolio.
The person responsible for completing a task. It can be any user with access to the active portfolio.
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.
Structural characteristics of a Building.
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.
Insurance coverage limits set the maximum amount the insurance will pay for claims on each type of coverage covered in the insurance contract.
Mode of rent in which the tenant pays for the current month.
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
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.
Property Disposition in SWORP describes the structural characteristics of a real estate asset, whether it is a building or a unit.
What are the features of the building where your Unit is located?
What are the features of the unit you own?
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.
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.
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 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.
Any floor usable for living purposes, which includes working, sleeping, eating, cooking or recreation, or a combination thereof.
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.
The way in which a floor plan of a residential unit is arranged. The most typical ones in the Czech Republic are:
A modality of indefinite rental contract, where the end date is not defined. They are also known as no end contract.
A modality of indefinite rental contract, where the end date is not defined. They are also known as month-to-month.
Occupancy relates to the fact that the property is rented out or not.
Check this box if you own or manage the whole building.
A space or area where vehicles can be left. There are different types of parking:
Mode of rental in which the tenant pays for the past month.
Payables are transactions that are expected to be paid by the landlord, expected expenses.
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.
A policyholder is a person who has an insurance policy with an insurance company.
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.
The insurance premium is the amount of money you must pay to the insurance company for your insurance policy.
Rental mode in which the rent is paid a month in advance. Also known as Forward rent, this is the most common rental mode.
A real estate asset that is owned, it can be a building or a unit within a building.
Receivable are transactions that are expected to be received by the landlord, expected income.
A tenant's regular payment to a landlord for the use of property or land
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
In a the context of real estate, the subject of insurance, refers property against which an insurance policy is taken out, the insured property.
A task can have 3 status:
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.
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).
In SWORP we consider different types of units, depending on their main use:
In SWORP we consider different types of building depending on their main function:
There are 3 types of insurances related to property:
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.
A service (such as electricity, gas, or water) provided by a public utility.