Porter Wage Escalation

SPECTRA makes handling your Porter’s Wage Escalations a breeze. If you are interested in licensing this additional module, please contact Spectra Marketing.

SPECTRA will create a new charge as of the effective date, put an ending date on the old charge, and bill any retroactive amounts necessary.

Set up for Porter’s Wage Escalations requires the following:

1. Set up Control Codes – Porter’s Wage Escalations

2. Set up Control Codes - Accounting Codes – Recovery/Escalation Code.

3. Set up Porter’s Wage on the Tenant file – PorterWage tab.

4. Run the Porter’s Wage Escalations

Control Codes

Porter Wage Escalation Codes

In the Navigation Pane, go to System Tasks > Control Codes > select Porter’s Wage Escalation Codes

To add a new code key in the code in the Escalation Code box and hit the or key. A message will display asking if you want to add to the list, say OK. Enter a code description, e.g. "Porter’s Wage". To add additional codes at any time, just type the new code over top of the displayed code and continue.

Porter Wage Details
Year:

Enter the first year of your list of years

Labor Rate:

Enter the dollar amount for each year

Description:

Enter your own description

Accounting Codes – Recovery/Escalation Code

In the Navigation Pane, go to System Tasks > Control Codes > select Accounting Codes

Set up an Recovery/Escalation code to be used for any retroactive billings that are necessary.

Tenant File

In the Navigation Pane, go to the Find > Tenants > Select a tenant and Drill down > Porter Wage> Add Porter's Wage

Lease Building/Unit:

Select the building/unit for this escalation.

PW Code:

Select the Porter Wage code from the combo box.

PW Code to Escalate:

Select the tenant’s regular charge code you wish to escalate.

Code To Retro Bill:

Select the recovery/escalation code you will use for retroactive billings. This would be the code you set up under Accounting Codes above.

Over-Ride Area:

If you want to over-ride the tenant’s leased sq. ft. enter the amount of sq. ft. you want used in the calculation of the new charge.

Escalation Date:

Enter the effective date of the increase. This will be used as the start date for the new charge.

Current PW Year:

Enter the current year, to be used in Porter Wage calculation.

Base PW Year:

If you want to use a year different than the previous year for the Porter Wage calculation enter it here. The previous year is the default.

Porter’s Wage Factor:

Enter the share that the tenant should pay of the Porter Wage factor if other than 1 or 100%. Enter as .25 for 25%.

Annual PW Charge Minimum:

If the tenant has a minimum increase, enter it here.

Annual PW Charge Cap:

If the tenant has a maximum increase, enter it here.

Notes:

Enter any notes. Once the escalation has been run the system will enter a note "Escalation performed: Sep 14, 2000". The system will also put notes on the charges stopped and the new charge created. E.g. Charge stopped due to Escalation effective: April1, 2005

Details:

When the escalation has been run the system will fill in the details, mark the record as history and create a new record for the next year.

Monthly Procedure

In the Navigation Pane, click on Building > Escalations > click Porter's Wage.

All/Portfolio, And/Or Select Buildings:

Select the buildings you want to process.

Codes:

If left blank, all applicable codes will process, or you can specify certain codes.

Escalation Date to Process:

Enter the escalation or effective date you want to process.

Posting Date:

This is the date that any retroactive billings will be posted to in the General Ledger.

Report Only or Report/Update:

The Report Only option will not update any tenant files or the general ledger. Report/Update will update tenant files and the general ledger. You may preview the report or invoices before running the update.

To process the Porter Wage Escalation, select Report/Update and click the Process Button.