Objects in Property Tools
This article gives an overview objects and how they work.
1. Overview
When we talk about Objects Property Tools, we are referring to the the items you see in the sub-menu under properties. These are predefined "entities" that are common across most property owners. We have the categorized into two buckets:
Recurring:
These are the critical objects which are most common and tend to repeat. They include Association Fees, Leases, Insurance, Loans, Property Tax, and Services.
One-Time:
These critical objects are common to all property owners, but typically are event driven. These include, Equipment, Improvements, and Warranties.
2. How They work
When an object is created, either manually or through a scan, a few things happen:- If an attachment is included, it is saved on the object and is accessible from that objects row
- A calendar entry is created for the Object expiration date. These are considered "Object" events and are signified by the color purple
- A payment schedule is created for the object based on the dates and frequency selected during creation, we will cover this in more detail below. The payment schedule is visible on the object detail page. You can read more about payment schedules here, but the 4 primary functions are:
- Calculate the financial entries for that object
- Set events on the calendar for payment dates
- Match with bank transactions as the money is spent or collected
- Help users track which payments have been made or are overdue
- When a payment schedule is created, that triggers the entry of records in the financial reporting. They will be recorded on the property and pre-configured account and they will have a Source of Object. The source allows you to easily identify which numbers are coming from which functionality in the consolidated financial reporting.
- The payment schedule also generates Payment Events on the calendar which are signified by the color Blue.
3. Understanding Dates and Frequencies
Basics
When entering some recurring objects (specifically Insurance, Association, and Services), you will see both a Start and End Date and a Frequency. The options for frequency are Monthly, Quarterly, Semi-Annually, and Annually. When you enter an amount for an object, that amount will be on the frequency schedule.
Example:
Insurance Policy: 1/1/2025-12/31/2025, Frequency: Monthly, Amount: $120.
This would generate a payment schedule with 12 entries, on the first of every month in the range, for an amount of $120.
If that was an annual frequency, it would create 1 payment for $120 on 1/1/2025.