How to Create a Budget for a Property

This article will provide you with guidance on how to create a budget for a property in Rentvine

A budget for a property in Rentvine is a financial plan that outlines the expected income and expenses for a particular property managed within the software. This budget serves as a tool to help property managers and owners plan and track their spending, prioritize expenses, and make informed financial decisions related to the property. The budget may include various income sources, such as rent and other income, as well as various expenses, such as utilities, maintenance, and repairs. By tracking actual spending against the budget, property managers and owners can monitor the financial health of the property and make adjustments as needed to ensure the property remains profitable.

The budget feature serves as a planning tool that enables you to input anticipated income and expenses for a specific property and subsequently compare them to the actual figures. It is not designed or meant to hold any funds back when paying bills or owners

Step 1 - Configure which chart of accounts should be accessible for budgeting purposes.

Here you will enable the chart of accounts that you want to make available when creating budgets and running budget reports.

In your Global Settings locate "Chart of Accounts" under the Accounting header.

Select the Chart of Account(s) that you want to enable for budgeting purposes
Click Edit and toggle on Include on Budget Report

Click Save when finished
Repeat for every Chart of Account that you want to make available for budgeting purposes

Step 2 - Create a budget for a property

To generate a budget for a property, navigate to the property page and establish a new budget. Specify the year and select whether you wish to incorporate the possibility of modifying actual amounts.

Locate the property for which you wish to generate a budget, click on the Budgets tab and then click on the '+' icon to create a New Budget

Select the Budget Year
- If you previously created a budget for a prior year, you may choose to replicate a budget from a previous year (Copy from Budget).
- In addition, you also have the option to Enable Adjusted Actual Amounts. This allows you to turn on the ability to adjust actual amounts.

Click Save when finished.
With the budget now established, it is time to set the budgeted amounts for each month and for each Chart of Account. Click on the Actions button and select Edit.

Enter the amounts. Be sure to scroll left or right to enter amounts for the rest of the year

Click Save when finished

Step 3 - Run the budget report for a portfolio or a property

After creating the budget, you can run a budget report for a portfolio or a property. If you run the budget report for a portfolio, the results will show you the totals across all the properties within that portfolio. If you run the budget report for a property, the results will show you the totals of just that property.

The Example below will show you how to run a budget report for a property

Go to the Reports section of Rentvine and click on Budget report

Select the Property filter
Select the Portfolio that owns the property
Select the applicable property by searching for it
Select the Month/Year - Select the month and year, or period, that you want to analyze
Select Yes or No if you want to:
- Include Accounts With No Budget - Do you want to show Chart of Accounts that have a $0.00 budget amount
- Include Accounts With No Actual - Do you want to show Chart of Accounts that have a $0.00 actual amount

Click Run Report when finished

Below is an example of a budget report