Managing Property Floats - Overview, Setting and Updating Float Amounts

This article is part of the Property Floats section.

Find all related articles here:

Property Floats

 

Introduction

A property float ensures there are enough funds to cover regular costs and small repairs in a development.

CPL tracks float amounts per property, making it easy to refund when a client sells or a development is no longer managed.

Floats may be governed by property deeds, and in some cases, may not be required at all (e.g. if billing a development in advance, on a budgeted basis).

There are two main options for invoicing and paying floats in CPL. These determine how floats are billed and processed:

1. Automatic Float Charging:
   
1. The system automatically adds the float to the client's balance when the client is added.
   
2. This ensures the float appears on the client's invoice.
   
3. Once settled, it is marked as paid.

1. Manual Float Requests:
   
1. The float is not automatically charged.
   
2. Instead, you request payment, for example, by sending a letter to the client.
   
3. Once paid, you manually record it as a Float Amount Transaction.
   
   

Your choice depends on how you want to manage float payments.

The "Charge Developer Floats" system option controls whether developers are billed for floats. It’s enabled by default. Contact Support to change this.

Diagram - Float Options

Setting and Updating Float Amounts

Both manual and automatic float handling methods require accurate float amounts, so it’s important to review values before applying settings.

1. Floats are recorded per property in CPL and can be entered or adjusted in the Float Payable field on a property:
   
   
   
   
2. When adding a development, you can set the float amount for all properties in a block using the Float field on the block:
   
   
   
   
3. To update the float amounts in bulk, use the Batch Update tool in the Properties tab of a development. Tick Include to activate a line:
   
   
   
   

If a float charge isn't required for a property, set the amount to 0.00 to prevent any float-related settings from applying.

This article is part of a series on managing floats in CPL. The next articles cover the two main methods in detail:

1. Managing Property Floats via Manual Requests
   
   
2. Managing Property Floats via Automatic Charging
   

The final article in the series explores additional float management options:

1. Property Float Management - Additional options

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