Posted on Fri, May 25, 2012
The deadline for filing a Property Tax Appeal is fast approaching. You will miss this deadline if you do not read the “Notice of Proposed Property Taxes” or “TRIM Notice” from your county property tax appraiser carefully - and you may need a magnifying glass to find it. With a successful appeal and approximately 40% of appellants are, Property Taxes can be lowered significantly, thus passing on the savings to current occupants, and possibly lowering a required Mortgage tax escrow. There are 2 different types of an appeal process:
1) File a petition to the county value adjustment board (VAB), or
2) File a lawsuit in circuit court.
Are you aware that SKYLINE Property Management software can generate the proper documents to file an appeal? Are you aware that thru some SKYLINE customization these appeals can be tracked year after year?
The most common Commercial/Industrial/Multi-Family, or Income Producing property appeal, is the VAB petition. This is due to disputing over the appraisal methodology, in other words, value based on tenancy & income. This type of appeal requires certain property documents in order to present the best petition to VAB. For example the following reports would be a great start and are accessible directly from SKYLINE:
- Operating statement (Income & Expense statement)
- Rent roll showing square footage by space, existing rent, name of tenant, type of lease
- Recent appraisals of property if mortgage financing recently occurred
- Lease abstracts
Most counties have a filing & processing fee, this fee varies among counties and states. An average fee would be $25.00 for the petition appeal. There are many Property Tax Appeal companies that will handle an appeal on your behalf, just provide the proper documentation, and for most, the fee is contingent on a successful appeal. In other words, they do not get paid a fee unless an appeal is successful in lowering the Property Tax, and this fee is based on the actual savings.
If you would like more information in regards to how SKYLINE Property Management can assist in your appeal process, please do not hesitate to contact Anton Systems, Inc.
Disclaimer
The information in this article is of a general nature and is not intended to answer any corporate or individual’s legal questions. Do not rely on information presented herein to address your legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an attorney.
By: Kristen Mirrione with Anton Systems, Inc.
A Florida-based preferred SKYLINE partner.
Posted on Tue, May 15, 2012
It’s 2012 and more and more companies are going to virtual offices to save on office rent and improve the bottom line by taking advantage of technology. For some skeptics the issues arise on how can employees be sure that critical documents are available for those working virtual?
With this trend becoming much more prevalent, how can Property Managers, or Landlords, be sure that their “virtual” offices/employees have access to critical information that is not readily available due to not being in the corporate office? Are you aware that SKYLINE Property Management Software has this capability?
With File Management and Scanning technology in place at the corporate office, linking files to the correct records within SKYLINE Property Management Software allows users to find and view easily. The document management tab allows you to describe the file and any type of file format can be linked.
- A/P invoices can be scanned and attached to vouchers during entry
- Leasing plans can attached to the Property record
- Unit schematics can be attached to the Unit record
- Leases can be attached to the Occupant record
- Certificates of Insurance can be attached to Property, Vendor & Occupant records
- Applications can be attached to the Occupant record or Prospect record
- Credit reports can be attached to the Prospect/Occupant record
- Sales reports can be attached to the Occupant record
- Contracts can be scanned and attached to a Project Costing record
- Estimates can be scanned and attached to a Project/Job record
All of the above documents and more can be accessible by an employee that is at a virtual office. SKYLINE Property Management Software can be your document management “filing cabinet” when critical data needs to be viewed. Proper linking of the scanned document to the different record types in SKYLINE Property Management Software will provide better information access to your team.
By: Kristen Mirrione with Anton Systems, Inc.
A Florida-based preferred SKYLINE partner.
Posted on Fri, Apr 27, 2012
If currently on version 2012.1 or scheduling plans to update to the latest version of SKYLINE, it will be required to download the latest service pack dated 04/26/2012. Access the manufacturer Solution Center site at www.ssctech.com\solution to download the latest SKYLINE installation files.
If you have not logged into the Solution Center before, please use your business e-mail and the default Password 123456. You are then prompted to reset the password. Save the password and do not share this with anyone. If you have logged in before but don’t remember your login info, e-mail the Solution Center at skyline.help@sscinc.com to request the information
NOTE: Once a username and password has been created it will be assigned to your company therefore you will be required to use the same username and password for ALL future downloads
Download Procedure
- Access https://www.ssctech.com/solution/login.asp
- Click on the SKYLINE product link
- Click on the 2012.1.1 Release Notes (PDF)
- Save As 2012.1.1.pdf on your Desktop
- Click the Downloads link in the left navigation bar to display the available downloads
- Click the envelope icon to the right of the SKYLINE v2012.1.1 – ZIP file (Client or Standalone – whichever is applicable)
- Click Download
- Save to your desktop
Once the download has completed on the desktop, ASI recommends saving these files on a network location, such as S:\SKYLINE SOFTWARE CD, where S: is a network server. Upon proper placement on the network server, right click on the 2012.1.1.zip, choose extract all, extracting to the same location under the folder SKYLINE 2012.1.1. This is not a cumulate release and requires that 2012.1 be installed first prior to update. Please read all installation documents first.
Enhancements to 2012.1
Cumulus Module Almost 100 new formulas have been added to Cumulus to retrieve information from SKYLINE’s Lease Management module. See complete details in the Cumulus/SkyPaste online help. Users are also able to retrieve the Occupant’s Lease Renewal Date using Cumulus. This formula is added to the SkyPaste help file under Unit and Occupant Formulas, Occupant Information.
Other Modules, ACH Payables ACH Payables has been enhanced to add a user-defined Effective Date field. This provides flexibility when complying with bank’s procedures.
Resolved Issues with 2012.1
There are approximately 100 program updates for corrective issues and updates in this service pack. For a full list of these items please see the installation document which should be downloaded with the service pack.
Posted on Mon, Apr 23, 2012
Are you doing proper backups, and is the backup sufficient for an easy restore of the SKYLINE data? You have already purchased SKYLINE, the state-of-the-art software, which offers best-of-breed property management accounting for all sizes and types of real estate ownership or management. SKYLINE stands above other property management software as an industry leader with its reliability, advanced reporting, lease abstracting, escalations & recoveries, and its seamless data flow from each module PM & AP to General Ledger.
In an emergency of data loss, wondering if your disaster recovery will be reliable & flawless is the worst time to address this situation. Plan now & know that your “safety net”, your backup is properly doing its job, and that you can quickly restore the data efficiently. When setting the options in your backup software, for backing up the SKYLINE data, the backup should be doing a FULL backup, and not an INCREMENTAL backup. This will ensure that any restore will be complete & accurate with all data.
Anton Systems, Inc. recommends that (8) separate backup tapes, or jobs are used, one for each day of the week, Monday thru Thursday, and then one for the (4) Fridays in a month. This will ensure that any restore needed can be accomplished from a few different backups.
Posted on Mon, Apr 09, 2012
One proxy for the overall health of the commercial real estate sector is the volume of deals that brokerage firms are involved with on an annual basis.
As a result, NREI’s annual ranking of the largest firms not only shows their pecking order, but illustrates year-over-year gains in volumes. It also shows how activity overall is growing while capturing the trend of the largest brokerage firms to increase market share, through both organic growth and absorption of competitors.
In that regard, CBRE Group reported that the global total volume of its investment sales and leasing transactions rose 24.1 percent from $128.1 billion in 2010 to $159.0 billion in 2011.
Similarly, Jones Lang LaSalle reported a 46.8 percent rise in volumes from $67.2 billion in 2010 to $98.6 billion in 2011. And Cushman & Wakefield posted a 32.6 percent rise from $66.8 billion in 2010 to $88.6 billion in 2011.
Those results are repeated throughout much of the list. Most of the firms that provided data last year and this year show year-over-year gains of varying magnitudes. In fact, every firm in the top 10 increased its volume from last year. Of particular note, Eastdil Secured, which focuses solely on investment sales, saw its global volume increase a whopping 109 percent from $22 billion in 2010 to $46.1 billion in 2011.
One thing that is not reflected in these rankings is the recent announcement that BGC Partners had agreed to acquire nearly all of Grubb & Ellis Co.’s holdings. BGC also owns Newmark Knight Frank. The volumes from the two firms are listed separately since the deal with Grubb & Ellis had not yet closed at press time. NREI republishes the Top Brokers list in the Best of the Best issue later this year.
Source: NREI Online
Posted on Mon, Mar 26, 2012
Whether you have Commercial, Retail, Office, or Multi-Family leases, all leases will require a renewal. The Lease Renewal letter for all the different sectors will have key details, ie: commencement, term, rent, unit. This letter can be used for the following:
- Lessee to sign and return for automatic renewal
- Lessee to sign and return for lease modifications, or
- Lessee’s intention of a Non-Renewal, thus you can begin marketing this availability.
According to the National Association of Realtors® quarterly commercial real estate forecast, all 4 of the major commercial real estate divisions are seeing an improved progression in vacancy rates. “Multifamily living is anticipated to become a landlord’s market, offering larger rents and/or higher rent increases.” Commercial Real Estate Market Survey will confirm these improvements in NAR’s recent quarterly publication. Let SKYLINE Property Management Software help you attain this reduction in vacancy.
How are you preparing your Lease Renewals? Are you using software that does not automatically fill in the existing Lessor name, address, lease term, existing rent, square footage, or existing security deposit? How many leases are automatically renewed or become a Hold-Over tenant, and the incorrect rent is being charged and paid? Are you negotiating these renewals on a timely basis or are you losing income due to lack of time to prepare them? Is your Lease turnover tied to your vacancy rate?
If you answered YES to any of the above, you are not using SKYLINE Property Management Software. One feature of SKYLINE is its ability to quickly generate a Lease Renewal letter. SKYLINE offers daily, weekly or monthly alerts via sign-in or email, on lease expiration date, you can even have email alerts sent to multiple responsible parties.
You can print the letter, sign and mail to Lessee in a matter of minutes versus hours of pulling leases and compiling the necessary information that is already in SKYLINE.
By: Anton Systems, Inc.
A Florida-based preferred SKYLINE partner.
Posted on Mon, Mar 05, 2012
If currently on version 2012 or scheduling plans to update to the latest version of SKYLINE, it will be required to download the latest full release dated 01/12/2012. Access the manufacturer Solution Center site at www.ssctech.com\solution to download the latest SKYLINE installation files.
If you have not logged into the Solution Center before, please use your business e-mail and the default Password 123456. You are then prompted to reset the password. Save the password and do not share this with anyone. If you have logged in before but don’t remember your login info, e-mail the Solution Center at skyline.help@sscinc.comto request the information.
NOTE: Once a username and password has been created it will be assigned to your company therefore you will be required to use the same username and password for ALL future downloads.
Download Procedure
- Access https://www.ssctech.com/solution/login.asp
- Click on the SKYLINE product link
- Click on the 2012.1 Release Notes (PDF)
- Save As 2012.1.pdf on your Desktop
- Click the Downloads link in the left navigation bar to display the available downloads
- Click the envelope icon to the right of the SKYLINE v2012.1 Release – ZIP file
- Click Download
Save to your desktop
Once the download has completed on the desktop, ASI recommends saving these files on a network location, such as S:\SKYLINE SOFTWARE CD, where S: is a network server. Upon proper placement on the network server, right click on the 2012.1.zip, choose extract all, extracting to the same location under the folder SKYLINE 2012.1. As this is a full build installation, please read all installation documentation before attempting this installation.
Posted on Thu, Feb 02, 2012
- Recognition of revenue
- Lease accounting
- Financial implication
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Posted on Mon, Jan 16, 2012
If you have already installed SKYLINE – VERSION 2011.1 or plan on installing it, you will now need to download the latest service packs. Access the manufacturer Solution Center site at www.ssctech.com to download the latest SKYLINE installation files.
If you have not logged into the Solution Center before, please use your business e-mail and the default Password 123456. You are then prompted to reset the password. Save the password and do not share this with anyone. If you have logged in before but don’t remember your login info, e-mail the Solution Center at scenter@sscinc.com to request the information.
NOTE: Once a username and password has been created it will be assigned to your company therefore you will be required to use the same username and password for ALL future downloads.
Download Procedure
• Access https://www.ssctech.com/solution/login.asp
• Click on the SKYLINE product link
• Click on the 2011.1 Year End Release Notes (PDF) NEW
• Click the Downloads link in the left navigation bar to display the available downloads
• Click the envelope icon to the right of the SKYLINE v2011.1 Year End file
• Click Download
**DO NOT INSTALL THIS IF YOU ARE NOT ON SKYLINE 2011.1**
We recommend you save these files on a network location first, such as the \SKYLINE 2011 UPDATES folder.
PLEASE DO NOT INSTALL THESE SERVICE PACKS IF YOU ARE NOT ON VERSION 2011.1
Please reference our SKYLINE 2012 document for further information on product enhancements. Download Here
Posted on Wed, Jan 11, 2012
1099’s MUST BE RUN BEFORE Accounts Payable Year-End Processing. The year end procedure zeros out vendor amounts, and deletes one-time vendors. This makes running 1099’s after Accounts Payable Year-End Processing impossible without restoring from a backup.
In addition to running the 1099 procedures, print the Vendor Listing report. This report lists year-to-date payments for all vendors. The information in this report will also be changed by the A/P year-end process. A Vendor Listing printed after the A/P year-end process will show all year-to-date payments set to zero. Check your vendor list, to make sure that all vendors with more than $600 in payments have a Tax ID number or are exempt from receiving 1099’s.
You have two (2) options to process your 1099’s:
- Generate the Summary 1099 Report
- Generate 1099 Forms OR Generate 1099 Forms on Magnetic Media
The Summary 1099 Report lists 1099 information for all vendors. You can transfer this information to the actual 1099 forms, which can be printed on continuous forms (dot matrix) or laser printer forms.
The IRS has established thresholds for the number of 1099’s over which you must submit the returns on magnetic media. Please check with the IRS for the current thresholds. If you exceed the threshold, refer to Generate 1099 Forms on Magnetic Media later in this document.
Printing 1099’s from a Central Disbursement Fund or When Using a Master Vendor File
In order to print 1099 forms using a Master Vendor file or Central Disbursement Fund, you must have saved distribution history for the year, and you must be running SKYLINE version 3.5 or above.
In the Property/Company Setup function in Accounts Payable Information, Save Distribution History must be set to "Yes" before you perform a month-end close and before the first A/P month-end close for the year. Refer to the Accounts Payable Reference Manual for more information on the Save Distribution History field.
Additionally, if you are using a Master Vendor file, distribution history must be saved for individual companies. If you are using a Central Disbursement Fund, distribution history must be saved for the fund company.
If you use a Central Disbursement (A/P) Fund, you have a choice with regard to the issuing party of the 1099-MISC statements. The issuing party can be:
- a single entity - typically a Management Company using its own FEIN (Federal Employer Identification Number)
- each of the individual companies on whose behalf the Fund issued the disbursements - typically the ownership entity of the property using each of their FEIN numbers.
Consult with your tax advisor as to which is appropriate for you.
If you want to print 1099’s from a single Management Company entity, enter the management company information in the Fund's A/P Property/Company Setup record.
Generate Summary 1099 Report
Generate a Summary 1099 Report for each Property/Company before you attempt to generate and print 1099’s. The Summary Report prints a listing of vendors that have a Tax ID number and $600 or more in year-to-date payments. These vendors, by law, must receive 1099’s.
Step 1 - Perform the “A/P Month End Processing” Option through 12/31/20xx
Step 2 - Print and Review 1099 Summary Report
Step 3 - Print 1099 Forms, either continuous or laser
Step 4 - Produce Magnetic Media - Optional:
IRS approval and transmitter code is required.
Step 5 - Run A/P’s Year End Processing to re-set Vendor YTD Payments to Zero
1099 Processing-Summary
Step 1 Select Accounts Payables – Reports – Print 1099’s
Step 2 Specify the Property/Company for which you want to generate 1099’s.
Step 3 Select Summary Report.
Step 4 Select a Sort option.
Step 5 Select a Source of Payments. See Note Below
Note: If the Vendor YTD Payments option is chosen the Reporting Year WILL NOT BE ACCESSIBLE, however, will be accessible for Magnetic Media. Skyline will automatically process the 1099’s for the current year – 20xx providing the previous year-end was completed. If the Invoice Detail option is chosen – proceed to STEP 6
Step 6 Specify a Reporting Year.
Step 7 If appropriate, specify Single Fund Specific Options.
Step 8 Select Report Destination.
Step 9 Press OK to start printing.
PRINTING 1099’s
Step 1 From the Accounts Payable tab; select Reports, Print 1099’s.
Step 2 Specify the Property/Company or Portfolio for which you want to generate 1099’s.
Step 3 Select the 1099 Type of Output to use for reporting.
Step 4 Select a sort option.
Step 5 Select payment source – Vendor YTD Payments or Invoice Detail.
Step 6 Specify a reporting year.
Step 7 If appropriate, specify Single Fund Specific Options
Step 8 Specify the report destination.
Step 9 Click OK.
NOTE: If laser forms are used, one line printing adjustments can be set using the Laser Form Adjustment option.
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Disclaimer: The information provided here should work for most SKYLINE users. However, your specific situation may require a different set of steps. If you have any doubts, please call us today so we can help ensure the success of your Year End proceedings.
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Were you aware that Anton Systems offers Continuing Educational Classes on SKYLINE via Web Sessions?
Please contact
Dolores Lancaster to sign up for or receive additional information on our AEC courses and on site services.