Subject
Action needed: Review statement formulas that subtract Hidden Expenses
Body
Hi [first name]!
One or more of your Statement Views has a custom formula that subtracts [HiddenExpenses] from an in-period amount. A fix releasing on November 4 changes how Hidden Expenses is calculated, which changes the result of those formulas. Please review them.
What’s changing
Hidden Expenses used to show only the part of each hidden expense charged on that statement. On partially paid bookings, that was less than the full expense, so formulas like [Expenses] - [HiddenExpenses] came out wrong. Hidden Expenses now shows the full amount, the same way the Expenses column does.
Why your formula is affected
A formula like [Gross] * [PercentInPeriod] - [HiddenExpenses] will now subtract the full hidden expense on every statement a booking appears on. If a booking spans more than one statement, the hidden expense gets taken out in full each time instead of once in total.
What happens if you don’t make a change
Your formula will keep working, but the numbers will be off on bookings that span multiple statements. The later statements can come out too low, and in some cases negative. Remittance amounts on statements you’ve already created don’t change, but any new statements using these formulas will be affected.
How to fix it
- Go to PM > Statement Views and open each Statement View listed at the bottom of this email.
- Find the custom formula column listed for that Statement View.
- Prorate the hidden expenses the same way as the rest of the formula by multiplying [HiddenExpenses] by [PercentInPeriod].
- Save the Statement View, then preview an owner statement to confirm the totals look right.
For example, a formula like this:
[Gross] * [PercentInPeriod] - [HiddenExpenses]
would become this:
[Gross] * [PercentInPeriod] - ([HiddenExpenses] * [PercentInPeriod])
Your formula may look a little different, but the idea is the same.
Existing statements
Existing statements will show the new Hidden Expenses figure when you view or export them in OwnerRez. If an owner has a saved PDF of an existing statement, they’ll still see the old figure when they open it.
If you have any questions or need help updating your formulas, please contact our support team. We’re happy to help!
-The OwnerRez Team
This is in regard to the following accounts/Statement Views:
[accounts and Statement Views]