Real Estate Setting
One record per legal entity. It names the payment categories the system uses on its own (outright sale, refunds, buy back), the payment method for fund transfers, the journal for maintenance invoices, the default terms and conditions of each kind of letter, and a few switches that show or hide columns on the Real Estate screens.
What it is for
Several Real Estate screens look up this record while you work. If a field they need is empty, they stop with a message that names this screen. The record is keyed by legal entity: one per company, and a second one for the same company is refused.
The one rule people get wrong: the payment categories named here still need their accounts on the posting profile. Naming the category here is only half the job.
Every field in plain words
Controlling tab
| Field | What it means | What to put |
|---|---|---|
| First Payment Category | Meant as the category of the first payment | Nothing reads it today |
| Remain Payment Category | Meant as the category of the remaining balance | Nothing reads it today |
| Outright Payment Category | The category of the single payment line a sales agreement makes when the billing condition is Outright | Required before any outright sale. Without it, an outright agreement cannot be created |
| Unit Refund Payment Category | The category a unit refund is booked against when it is invoiced back in Receivables | A Refund category |
| Buy Back Outright Payment Category | As Outright Payment Category, for agreements of type Buy Back Sales | Required before an outright buy back sale |
| Unit Refund Adjustment Positive Payment Category | The category of an upward adjustment on a refund | A category with its own account |
| Unit Refund Adjustment Negative Payment Category | The category of a downward adjustment on a refund | A category with its own account |
| Buy Back Unit Refund Payment Category | As Unit Refund Payment Category, for a buy back refund | |
| Buy Back Unit Refund Adjustment Positive Payment Category | As above, for a buy back refund | |
| Buy Back Unit Refund Adjustment Negative Payment Category | As above, for a buy back refund | |
| Fund Transfer Payment Method | The customer payment method whose default account a fund transfer is collected through | A payment method with a default account. Required before a fund transfer |
| Discount | Shows the discount columns on additional-charge lines | Tick if additional charges can be discounted |
| Taxzone | Shows the tax columns: Tax Zone on the instalment and additional-payment lines of a sales agreement, Tax Zone and Tax Group on the additional prices of a unit and a pricing profile | Tick if charges are taxed |
| Required Partially Clearing | Lets a collection in Receivables clear only part of a billing proposal | Tick to allow part payments against a billing proposal |
| Term Condition | The default terms and conditions of a sales agreement | Pick one; its header and footer are copied onto new agreements |
| Possesion Term & Condition | The default terms of a possession document | Pick one |
| Allocation Term & Condition | The default terms of an allocation document | Pick one |
| Ownership Transfer Term & Condition | The default terms of an ownership transfer | Pick one |
| Maintenance Invoice Journal | The transaction journal the customer invoice of a maintenance billing proposal is made in | Required before any maintenance bill |
| Mandatory Billing Internal Reference | Makes Project, Property and Unit No required on a billing proposal, and stamps them on its lines | Tick if every receipt must be traced to a unit |
Default Parameters tab
One line per field you want to preset on a Real Estate screen for this legal entity: Process Code (the screen), Object No (the field), Value (its default), and the ticks Mandatory, Disable and Hidden.
Validation tab
One line per special validation attached to a Real Estate screen: Process Code and Special Validation.
How to configure it
- Create the payment categories first, and give each its account on the posting profile.
- Open this screen in the legal entity you are setting up and pick the categories.
- Pick the Fund Transfer Payment Method and the Maintenance Invoice Journal if the company will use transfers or maintenance billing.
- Tick Discount and Taxzone if charges are discounted or taxed, so the columns appear on the unit, pricing and agreement screens.
- Pick the default terms and conditions for agreements and letters.
Scenarios
- A developer sells some units for cash in one payment. Set Outright Payment Category. Each outright agreement then gets one payment line of that category for the whole unit payment amount, due on the Payment Date.
- Receipts are often part-payments of an instalment. Tick Required Partially Clearing, so the collection can clear less than the full billing proposal.
- Every receipt must show which unit it belongs to. Tick Mandatory Billing Internal Reference.
What it is connected to
- Sales Agreement reads the outright categories, the default terms and the Discount and Taxzone switches.
- Billing Proposal reads Mandatory Billing Internal Reference.
- Unit to Unit Transfer reads the Fund Transfer Payment Method.
- Maintenance Billing Proposal reads the Maintenance Invoice Journal.
- Unit Refund is invoiced back in Receivables using the refund categories, on a Customer Invoice Memo.
- Real Estate Document and Ownership Transfer take their default terms from here.
If something looks wrong
- "Outright Payment Category is not selected in Real Estate Setting" when creating an outright agreement. Pick it here. The buy back version names Buy Back Outright Payment Category.
- "Please Define Journal in Real Estate Setting" when saving a maintenance billing proposal. Pick the Maintenance Invoice Journal.
- "Real Estate Setting Fund Transfer Payment Method is not Configure" on a fund transfer. Pick the Fund Transfer Payment Method; its default account must also be set on the payment method.
- The Tax Zone or discount columns are missing on a unit or agreement. Tick Taxzone or Discount here.
- Save refuses and marks Legal Entity. This legal entity already has a setting record. Open that one instead.