A special assessment is an extra amount that is collected from association owners within an association for a special purpose, such as a large, unplanned or unbudgeted expense.
For example:
- No one expected the tree branch to fall through clubhouse's roof. A one time special assessment was added to everyone's ledger so that the roof could be fixed.
The easiest way to add a special assessment charge to all owners in an association is by using Buildium's bulk charges.
Bulk charges is a tool in Buildium that creates many charges from a single screen. Be very careful when using this feature. If something is entered incorrectly, there is no way to delete all of the charges that are posted without going into each ledger individually.
In this article, you'll learn how to:
1. Add a single charge for a special assessment
To enter a one-time special assessment charge:
- Navigate to Associations > Associations.
- Click the name of the association you want to add charges for.
- From the association summary page, click the units tab.
- Click Enter bulk charges.
- Fill out the form based on the special assessment charges you want to add. We recommend adding Special Assessment Income to your chart of accounts to use in these types of situations.
- When the form is complete, click Apply charges.
2. Add a special assessment for payment plan
Adding multiple charges so your residents can pay special assessments on a payment plan is entered the same way you enter an assessment for a single charge.
The main difference between adding a special assessment for a payment plan and adding a single charge for an assessment is choosing the charge frequency. For a payment plan, select a frequency and the amount of times you would like that charge to post.
If each resident owes $1,000, and you set charges to post monthly for 4 months, the total charge would be $1000, and each individual's charge on the bulk charges page would be $250.
| Article #: | 111228 |