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.
Amenities are the additional features included in the living space to make it more comfortable.
Internal amenities like microwave, refrigerator, furniture, television etc
a private residence in a building, it could be set of rooms designed to be dwelled in.
The person responsible for completing a task. It can be any user with access to the active portfolio.
Bank synchronization is a convenient and automated feature that allows users to effortlessly download their account balance and transaction history. For example, users can easily view the rent received for a specific month by accessing their bank statements.
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.
Chargeable hours refer to the duration during which a professional provides services to a client and is compensated for their work.
A collaborator is a user who has been included in a project to actively take part in its tasks. Can be a user that has access to the portfolio.
It is a blanket term used to covering the upkeep of the common or shared areas in a building that is not specifically rented.The common areas usually are stairs, elevator, corridors.
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.
An amount that was paid to you. For example,if the tenant has overpaid their rent or for any transaction, you can keep it as a credit and use it in their next bills or upcoming payments.
Transaction used to explicitly acknowledge credit by a transaction (as opposed to unassigned payment). It records the fact that money (credit) that was not associated to any transaction is now considered to be credit which cannot be used anymore for anything else.
Transaction used for the return of credit to creditor. When the credit is returned, it will be accompanied by a Credit acknowledgement transaction.
A sum of money that is due. For example, the tenant hasn't paid the money to you, so he is in debt.
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.
Deposit settlement means returning the deposit amount to the tenant after end of lease term.Deposit can be returned in full amount or can be partly deducted depending on mutual agreement between both parties.
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?
A document is a written or visual piece of information that comprises information related to a tenant and a property. For instance, the rental contract.
Necessary items for a particular purpose. For example, the furniture, kitchen appliances that are in the apartment.
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.
A landlord is a person who owns the property( apartments, houses,land etc) that is leased or rented to other parties referred to as tenants.
The payments made after the expiration of the due date. For instance; payments made for utilities after the due date for the payment has expired.
The way in which a floor plan of a residential unit is arranged. The most typical ones in the Czech Republic are:
A lease is a contract to rent the property with mutual agreement terms between landlord/owner and tenants.
It refers to a family house or a building apartment owned by a landlord who has complete control of it.
It involves the costs associated with acquiring essential elements, such as components, raw materials, or supplies, which are directly utilized in the manufacturing of products or delivering services by a company or entity.
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.
It refers to a building wherein the landlord owns a certain unit and not the whole building. For example; a unit in an apartment
It refers to properties either a building or a unit that cannot be rented or leased to others for temporary use in exchange for payment i.e. rent.
Occupancy relates to the fact that the property is in the state of being occupied.It is rented out with a contract in place.
A payment that remains unpaid after its due date has passed. For instance; unpaid electricity charges of €20 after the expiration of the due date on July 26.
A person or company that owns a property( apartments, houses, land or real estates) that is leased to tenants.
A space or area where vehicles can be left. There are different types of parking:
Payables are transactions that are expected to be paid by the landlord, expected expenses.
Payables are transactions that are expected to be paid by the landlord, expected expenses.
New Payable- you create a transaction that will be waiting to be paid.
Existing Payable-the transaction already exists and is due to be paid.
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.
a person who handles the day to day operation of the real estate from arranging tenants to repairs and maintainence.
It is supervising the daily operations of the rental properties that you own or is owned by a third-party.
Receivable are transactions that are expected to be received by the landlord, expected income.
Receivable are amount that are expected to be received by the landlord, expected income.
New Receivable:to create a transaction that you would be marked as awaiting incoming payment
Existing Receivable:The transaction already exists that is awaiting incoming payment
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
The end of a contractual agreement between a landlord and a tenant. At the end of the rental contract, the tenant is required to vacate the property, unless the contract is renewed or extended.
It refers to the properties either a building or a unit which have been put up in the market for rent for a specified period of time in exchange for payment i.e. rent
checking if the utilities are running smoothly technically by a professional corresponding technician
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 template is a pre-designed format that is used for creating documents related to rent, tenant, or a contract.
A template type refers to a predefined format that can be used as a starting point to create documents related to rent, property, and a tenant.
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.
The act of bringing an agreement to an end. For instance; termination of a rental contract due to the damage done to the property.
A reason for the termination of a contract. For instance; policy violations, damaging property, misconduct, and theft.
Third-party integration refers to providing access to an external software application to connect with an existing application. For instance; integration of Gmail to access contact details and create a communication channel between landlords and tenants.
A token is a reference for the possible information that can be added to a rent contract, tenant, and property.
The amount that a tenant is expected to pay every month, it includes the Rent and other Rent components.
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:
to remove the payment that was already paid.The payment is removed from the transaction but will added as credit since the payment was already received
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, water or heating ) provided by a public or private utility company.
A room that has to be crossed / walked through in order to access another room.
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