PM3 - Recording One-Off Fees

am1

New Member
#1
Hi All
I have two questions regarding PM3 and I would really appreciate any help with them. The questions are below,
  1. I have a tenant who has a regular monthly rent. Aside to this regular rent my tenant owes a one-off maintenance fee. How can I record the one-off maintenance fee in PM3?
  1. If it is possible to record the one-off maintenance fee in PM3 will PM3 differentiate between payment types and not to take future recurring rental payments made by the tenant and use them to pay off the aforementioned one-off maintenance fee if it is still outstanding after several months
Thank you
A Phul
 
#2
Hi,

I am not sure what would constitute a one off maintenance fee?

If it is a one off charge I would be tempted not to include it in the income section but as a one off expense under expeneses and then add it in as a one off deductable expense with the tenant being the provider.

Hope this helps.
 

am1

New Member
#3
Hi
Thank you for your reply. In our portfolio we have some tenancies for flats which are sold off on long leases. From these tenancies the tenants pay annual ground rents and annual variable service fees as well as occasional one-off maintenances fees for non reoccurring events such as the repair of a roof say. What we need to be able to do is record the non reoccurring invoices sent out to these tenancies as one-off amounts due to us as the freeholder. Does that help explain the situation?
Thank you
A Phul
 
#4
In conveyancing terms only:
a. ground rent is effectively profit for the landlord (and so it's taxable as income from land); whereas
b. service charge is effectively reimbursement of the landlord's outgoings (and, even though it's loosely 'income from land', it's not taxable).