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Real Property / Costs / Cost Administrator / Cost Wizard
Approve Scheduled Costs
The Cost Wizard's Approve Costs tab shows all scheduled costs for the lease, building, property, or account you have selected. If you have set a restriction to view only certain cost categories and types, the Approve tab uses this restriction.
Review your scheduled costs for accuracy and make adjustments as needed. Once you are satisfied that a schedule cost is accurate and is ready to be paid or billed, you can approve it. At this point, it can no longer be edited.
Approving a scheduled cost sets it as an actual cost.
Procedure
To approve scheduled costs for the selected building, property, lease, or account:
- Select the Cost Wizard or Cost Wizard for Accounts, and then select the item you want to manage costs for.
- From the Approve Costs tab, review your scheduled costs for accuracy and make adjustments as needed.
- When satisfied, select the scheduled cost you want to approve, and click Approve.
The costs are moved to the Review Costs tab.
When you approve a cost, the system does the following:
- Creates a new record in the Costs table with the same values as the selected Scheduled Cost record, and assigns an auto-numbered key to the new Cost record.
- Sets the Cost Status value of the Cost record to RECEIVABLE if the cost is income, or to PAYABLE if the cost is an expense.
- Sets the Chargeback Status field of the Cost record to NOT CHARGED BACK.
- Deletes the selected record from the Scheduled Costs table, so that costs are not duplicated.
Next
After approving costs, you can review the approved Actual Costs from the Review Costs tab.