Finances
The Finances panel in COHO allows you to record your outgoing expenses to produce financial reports.
It is important to note that in order to start using the Finances panel, you will need to set the Property Ownership for each property. See also Property Ownership & Property Owners.
Financial Graphs
Here you can view performance graphs relating to your organisation's financials.
All Properties: Here you can use the drop down to filter between all properties, multiple properties or individual properties.
All Owners: Here you can use the drop down filter to choose different owners.
Quick View: The quick view graph allows you to view the previous 6 months income vs expenses.
Expense Breakdown: The expense breakdown allows you to toggle between 1 month, 3 months and 6 months to see a breakdown of the type of financial items added.
Financial Items
The financial items section allows you to view all financial items that have been added as well as adding new financial items.
Filtering Options:
Date from: Enter a date from value or use the calendar.
Date to: Enter a date to value or use the calendar.
Min amount: Enter a minimum amount value.
Max amount: Enter a maximum value.
All owners: Here you can use the drop down filter to specify a particular owner.
All properties: Here you can use the drop down filter to choose a particular property.
Any/No supplier: Here you can use the drop down to filter by a specific supplier.
Any paid status: Here you can use the drop down filter to switch between ‘paid’, ‘unpaid’ or ‘any paid status’.
All categories: Here you can use the drop down filter to choose a particular category.
All descriptions: Here you can filter by the description.
Once a filter is used, you will need to click ‘Filter’ to allow the changes.
Here you can see all financial items that have been added. The date, description of the financial item and the amount is displayed. You can click to ‘expand’ next to any financial item to ‘view’ further information.
Show tenant funds: Toggle on/off tenant funds.
Show client money: Toggle on/off client money.
Show ONLY repeating items: Toggle on/off repeating financial items only. See also Repeating Financial Items.
Add Financial Item
To add a new financial item click ‘Add financial item’.
Does this item relate to a property or a company?
A property: The financial item relates to a property, a room or a tenancy. Choosing this option allows you to choose the property, room or tenancy.
Multiple properties: The financial item relates to 2 or more properties with the cost split across them. Choosing this option will allow you to specify the properties the financial item relates to.
General: The financial item is a non-property expense or income.
Who provided the item or service?
You/Your team: A service carried out internally, such as tenant find or an inspection. The cost will be passed on to the property owner.
Someone else: An item or service from a supplier such as a gas safety certificate or a maintenance job. The cost may be passed on.
What do you want to add?
Here you can choose the type of financial item you wish to add. Once a category has been selected, click ‘Continue’.
Once the parent category has been selected, you can choose a child category.
Is this an income or expense?
Income: The property owner will receive the money.
Expense: The property owner needs to pay this money.
Description: This is how the financial item will appear once added.
Notes: Here you can enter any notes in relation to the financial item.
Click ‘back’ to go back to the previous step, ‘Continue’ to continue to the next step or ‘Cancel’.
Which supplier (optional): Here you can use the drop down menu to specify the supplier that the financial item is from or you can enter a new supplier into the system. See also Suppliers.
Due date: Enter the date the financial item is due to be paid or use the calendar.
Invoice Number (optional): Here you can enter an invoice number.
Payment Status: Here you can select whether the financial item is ‘Unpaid’ or ‘Paid’.
Due on: Here you can enter the date that the invoice is due to be paid or use the calendar.
Invoice file (optional): Here you can upload a copy of the invoice.
Original cost of goods or service:
Total: Here you can enter the full amount of the financial item.
VAT %: Here you can use the drop down menu to select the correct VAT amount.
Net Amount: Once the total is added, the net amount will auto populate.
VAT Amount: Once total and VAT are added, the VAT amount will auto populate.
Click ‘back’ to go back to the previous step, ‘Continue’ to continue to the next step or ‘Cancel’.
Managed & Master Lease (R2R) ONLY: Please note that the following step does not appear if the Property Ownership has been set as ‘Owned’. See also Property Ownership & Property Owners.
Should the property owner pay?
No: The property owner does not pay. You can choose whether to still make this visible on a settlement (as a zero cost item).
Click ‘Back’ to go back, ‘Preview’ to preview the financial item being added or ‘Cancel’.
Cost only: The property owner only pays the cost of the invoice and nothing additional.
Is the supplier invoice addressed to the property owner?
Yes, pay from client money: The invoice is addressed to the property owner and the payment will be made out of their funds on the account (transferred from the appropriate client money account).
No, pay from working capital: Your organisation makes the payment (out of working capital) and receives the money from the property owner upon settlement (transferred from the appropriate client money account).
NB. Take advice from your accountant. If “Yes” is selected your organisation is acting as a facilitator of the payment. This means you may not have to add VAT if you are VAT registered.
Do you want to record a commission (kickback) from the supplier?:
Yes: On settlement you will send the supplier the full amount, minus your commission. Here you can specify a custom amount, 5%, 10%, 15% and 20%.
No: The supplier will be sent the full amount of the invoice.
Click ‘Back’ to go back, ‘Preview’ to preview the financial item being added or ‘Cancel’.
Marked up/Split cost: Choose a marked-up / split cost so the property owner pays more or less than the supplier's invoice.
Property owner cost: Here you can specify a custom amount, 5%, 10%, 15% and 20%.
Marked-up Invoice Date: Here you can enter a date or use the calendar.
Do you want to record a commission (kickback) from the supplier?:
Yes: On the settlement you will send the supplier the full amount, minus your commission.
No: The supplier will be sent the full amount of the invoice.
Click ‘Back’ to go back, ‘Preview’ to preview the financial item being added or ‘Cancel’.
Cost plus fee: The property owner pays at cost, but also pays a separate additional management fee.
Is the supplier invoice addressed to the property owner?
Yes, pay from client money: The invoice is addressed to the property owner and the payment will be made out of their funds on the account (transferred from the appropriate client money account).
No, pay from working capital: Your organisation makes the payment (out of working capital) and receives the money from the property owner upon settlement (transferred from the appropriate client money account).
NB. Take advice from your accountant. If “Yes” is selected your organisation is acting as a facilitator of the payment. This means you may not have to add VAT if you are VAT registered.
Additional Fee Invoice Date: Here you can enter a date or use the calendar.
Do you want to record a commission (kickback) from the supplier?:
Yes: On the settlement you will send the supplier the full amount, minus your commission.
No: The supplier will be sent the full amount of the invoice.
Click ‘Back’ to go back, ‘Preview’ to preview the financial item being added or ‘Cancel’.
Repeating Financial Items
Repeating Financial Items can be created for items that are regular and the amount stays the same i.e., fixed mortgages, utility bills, water bills, council tax etc.
Execute repeating items due: This will generate the next item due and moves the date forward. So, if required, you could generate the item earlier with the view of pre-charging the landlord.
Add Repeating Financial Item
Click ‘Add repeating financial item’
Property: Here you can select the property the repeating financial item relates to.
What do you want to add?: Here you can select a category for the financial item to be added.
Once a category has been selected, you will see further options:
Category: Here you can specify the type of financial item within the category selected.
Description: Here you can see how the item will be displayed. This can be changed/edited.
Notes: Here you can enter any notes relating to the financial item.
Supplier: Here you can use the drop down menu to choose the supplier that the financial item relates to. See also Suppliers.
Original cost of goods or service:
Total: Here you can enter the full amount of the financial item.
VAT %: Here you can use the drop down menu to select the correct VAT amount.
Net Amount: Once the total is added, the net amount will auto populate.
VAT Amount: Once total and VAT are added, the VAT amount will auto populate.
Repeating Details:
Create from: Enter the date that you require the repeating financial item to start from or use the calendar.
Repeating: Here you can use the drop down menu to select how often the financial item should repeat.
Create days in advance: Here you can select a number of days before it is due, to have the repeating financial item created. Hint: Leave as 0 days to have the financial item created on the same day it is due for.
Run Until: Here you can specify how long the financial item should run for. Run until it is stopped or you can add a date the repeating financial item should run until.
Click ‘Preview’ to preview the item or ‘Cancel’.
Profitability Reports
Profitability reports can be generated to help you understand profitability across your property portfolio.
Click ‘Create new profitability report’
Date from: Enter a date you want the report to start from or use the calendar.
Date to: Enter a date you want the report to end on or use the calendar.
Owner: Here you can specify a property owner to produce a report on the properties that the owner owns.
Property: Here you can select one or multiple properties you require to produce a report for.
What shall we call this report?: Here you can enter text to name your report.
Click ‘Save’ to save the report or ‘Cancel’.
Once the report is saved, you will be able to view the report.
Settlement Statements
Settlement statements can be created for client money passed to property owners and your organisation.
Once the Property Ownership information has been entered at property level, you will see all owners listed that require a settlement statement to be produced (managed properties only). See also Property Ownership & Property Owners.
NB. The system will ask what date you want to start the settlements to start from. This is NOT creating a settlement, just the date you intend to start producing settlement statements in COHO i.e., the system will ignore all financial items added before this date.
To create a settlement statement click ‘view’ next to the property owner you wish to create a settlement statement for.
Date from: Here you can enter a date or use the calendar to view all settlement statements created from that date.
Date to: Here you can enter a date or use the calendar to view all settlements up to that date.
Filter by property: Here you can select a property that the owner is linked to.
Filter by tenancy: Here you can select a tenancy the property owner is linked to.
Click ‘Create settlement’ to create a settlement statement for the property owner.
Per property: Will allow you to create a settlement statement for one property at a time.
Per property owner: Will allow you to create a settlement statement for all properties the property owner is linked to.
Creating settlement for: Will display all properties the settlement statement is for.
Settlement Date: Here you enter a date or use the calendar to choose the settlement date.
Period Start Date: Enter a date or use the calendar for the settlement to start from.
Period End Date: Enter a date or use the calendar when the settlement is to end.
Who are you paying out?:
Both: Will include both the owner and organisation financial items.
Organisation only: Will include the organisation financial items only.
Include earlier items that can now be settled?:
Yes: If any previous financial items have not yet been settled, you can include these on the current settlement being created.
No: Ignores any previous financial items that have not yet been settled.
Include payments made in advance?:
Yes: This will include rent payments that are assigned to future rent records, but not include unassigned payments.
No: This will not include rent payments that are assigned to future rent records.
Click ‘Preview items’ to continue or ‘Cancel’.
Here you can choose to include or exclude financial items using the check boxes next to each financial item.
Client Amount: The total to be paid to the property owner.
Organisation Amount: The total to be kept by the managing agent.
Internal Info:
Settlement name: This is the name of your settlement.
Payment reference: Here you can enter a payment reference to be used on the bank transfer (max of 18 chars).
Notes: Here you can enter any notes you wish to add. These notes are only visible to your team.
Notes to owner: Here you can enter any notes that will be visible to the property owner.
Click ‘Create as draft’ to continue or ‘Cancel’.
You can now click ‘View’ next to the settlement that has been created.
Next to the organisation name and the property owners name you can click the folder icon to expand each section.
On the organisation and property owner section you have the ability to ‘Generate Report’ or ‘Export (CSV)’.
Approve: Will approve the settlement.
Delete draft: Will delete the settlement.
Once the settlement has been approved, you can again open out the folder icons next to each section.
On the organisation and property owner section you have the ability to ‘Generate Report’, ‘Export (CSV)’ or ‘Set Paid’.
Publish: This will publish the settlement statement. If you have invited the property owner to their owner portal, you can publish the settlement directly to them. See also Property Owners & Property Ownership.
Other Reports, Statements & Exports
‘Generate Rent Statement’: Here you can generate a rent statement.
Properties: Here you can select one or more properties to include in the rent statement.
Money types: Here you can use the drop down menu to select the money type i.e., rent, rent in advance, deposit etc.
From: Enter a date or use the calendar to select a date you want the rent statement to start from.
To: Enter a date or use the calendar to select a date you want the rent statement to end.
Include prepayments: Checkbox to include prepayments.
Include bad debt: Checkbox to include bad debt.
Show past payments for rent paid in this period: Checkbox to show past payments for any rents paid in the date range selected.
If unselected, past payments will be in “opening balance”
Click ‘Create’ to create the rent statement, ‘Generate CSV’ or ‘Close’.
‘Exporting Accounting Data’: Here you can export the accounting data added to the Finances panel and import the data into an outside accounting software i.e., Xero or Quickbooks.
NB. If you are using Xero, you will need to ‘configure your Xero Mappings’ first. See also Finances Settings Cog.
From: Enter a date or use the calendar to specify the start date to export your data.
To: Enter a date or use the calendar to specify the end date to export your data.
Properties: Here you can select one or more properties to include in the export.
Categories: Here you can use the drop down menu to select the money type i.e., rent, rent in advance, tenant deposit etc.
Ignore previous items:
No: Exports all items in the date range selected.
Yes: Skips previously exported items.
Include prepaid items?: Some accounting systems make it exceedingly difficult to match rent prepayments. A rent prepayment is where a tenant pays before the rent is due and these payments have nothing to reconcile them against. By exporting the associated rent charge (before it is due) your accountant will be able to reconcile prepayments directly against the associated invoices without having to create an overpayment/prepayment allocation. This will not affect any reporting within your accounting system because the accountancy documents exported will be dated for the future when the payment is due. If you are unsure whether you need this, please choose “No” or ask your accountant.
No: Only exports items in the selected date range.
Yes: Also exports future items that are paid/partially paid.
Include client money?:
Skip: Skips all client money items.
Rent & Income: Includes items relating to rent and income.
Settlements: Coming Soon!
All: Coming Soon!
Click ‘Invoices Export (CSV)’, ‘Bills Export (CSV)’ or ‘Close’.
Connections & Synchronisation
Here you can connect your Xero account to COHO.
All properties: Any property without a tagstring or owner specific integration will use this configuration/integration.
Properties owned by: All properties owned by this property owner will use this configuration/integration.
Properties tagged with: All properties who have this specific tag applied will use this configuration/integration. See also Tagging.
NB. Any property that qualifies for multiple integrations due to having both a tag that applies to one configuration but owned by a property owner which has another configuration will NOT be synchronized and will be reported as an error.
Synchronize Rent Books - Enabled:
Yes: Rent books (dues and payments) will be pushed into Xero as invoices & payments attached to these invoices.
No: Rent books will not be pushed into Xero.
If Yes - Staging date (sync items from): Enter a date or use the calendar to sync items from.
Until: Enter a date or use the calendar to sync items until.
Create rent invoices days ahead: Use the drop down menu to change days ahead to create rent invoices.
Synchronize Supplier Settlements - Disabled:
Yes: Supplier settlements (invoices payable to the suppliers) will be pushed into Xero as bills payable.
No: Supplier invoices will not be pushed into Xero.
If Yes - Staging date (sync items from): Enter a date or use the calendar to sync items from.
Until: Enter a date or use the calendar to sync items until.
Synchronize Property Owner Settlements - Enabled:
Yes: Owner settlements will be pushed into Xero as bills payable for the organisation.
No: Owner settlements will not be pushed into Xero.
If Yes - Staging date (sync items from): Enter a date or use the calendar to sync items from.
Until: Enter a date or use the calendar to sync items until.
Click ‘Create’ or ‘Cancel’.
Finances Settings Cog
Here you can configure your Xero Management (Manual Exports). See also Connections & Synchronisation.
A Xero account is represented by a three digit number that any transaction needs to belong to. In COHO some concepts like ‘Rent’ will map to different accounts depending on who is the owner of the money. For example, when rent income is owned by the property owner this will map to a client account but for an owned property or master lease property the organisation owns the money.
You do not need to fill in all the mappings to use the Xero Export or Integration. If you do not use a category you can leave the mapping blank. Only some category types will have conditional mappings.
Edit Property Ownership Information
This give you the option to edit any of the ownership information and more importantly, regenerating financial items once new information has been entered. If you do not regenerate the financial items, you may find that your information is not correct when creating a settlement statement.
You can change and edit the information in regards to how the property is managed. At the bottom of the form, there is a section named 'Financial Items' where you can choose to regenerate the financial items on the Finances panel.
Edit Property Owner Information
Here, you can edit and change the Property Owners information.
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