How to process the end of month using the month end wizard

Right, all the checks are done, we are ready to go! Make sure you are not interrupted

Other users can carry on using Palace - Transactions will be locked out but every other part of Palace is useable

  • Click on Month End (Left side Menu)
  • The first step is a back Up, click on Next to start it.

  • A box will pop up asking you to enter the Month End date. Normally you would leave it as the date it says.
  • However if you are closing off early enter in the date that you require. Click save and the back up will start.
  • The system will also check itself for any problems. Then it will start Month End.

 

Step 1 - Review Balances

    • This screen shows you the owners that are overdrawn or on Hold - If you have checked the report previously, there will not be any surprises here. If you do find an Owner on Hold who should not be, then right click on the Owner and select the payment type. This will take them off hold.
    • The Keep Back box will show you the properties on Keep back report.
    • Click Next

 

 

 

Step 2 - Pay Bonds

  • Click on Process
  • The Payment Bonds screen will appear (If this area is empty, then you do not have any Bonds to pay, close out and go back to month end and click NEXT)

    • Check the bonds that are showing, check them against the paperwork you have.
    • If a bond is showing that you do not want to pay, highlight the transaction and right click, click on "edit payment" and change the amount to zero. this will take it off this list (It will return there next time you process Bonds)
    • Enter the Cheque number into the REF number area
    • Check the total and click OK
    • Then click Process - Print the remittance slip as this goes with your cheque to the Bond Centre (Print 2 copies so that you have one for your records)
    • Click Close and back to Month End
    • Click NEXT

 

 

Step 3 - Pay Creditors

  • Click on Process
  • A pop up screen might appear asking you to clear the online file - YOU ALWAYS SAY YES TO THIS
  • A screen will appear, if you pay any creditors by cheque, then enter the next available cheque number in here
  • Check the date
  • Click OK
  • A screen might appear showing you a list of owners and their properties with invoices - some showing green ticks and red crosses. This shows you that the Owner has more invoices than he has money, the green ticks are highlighting the ones Palace suggests that you pay, the red crosses normally mean the owner does not have enough money for that invoice. Have a look at the screen and change it if needed. Then click Save

  • You will have a screen of creditor payments showing. Click on the printer (Top right of the screen) This is the unprocessed transaction report and must be printed.
  • Once printed - go back to transactions and click on Process.
  • Click on yes to the printer - Your printed and emailed remittances advice's will be generated.
  • Click on ONLINE FILE - You will see a list of creditor payments and the bank accounts showing on the screen - Click on the printer (Top right of the screen) This is the Direct Credit Report - The total of this, must match the total of the Direct column on the Unprocessed Transaction Report.
  • Then click Generate - It will bring up the browse screen - Browse to where you want to save the file. Name it Creditor payments (Do not date it) click OK. You have now generated the CSV file that you will upload to the Bank. (If you don't upload a file then you can skip this step)
  • Click "Clear" to clear the online file
  • Then click Close, Close and back to month end wizard
  • Click NEXT

 

Step 4 - Reconciliation Reports

  • Click on Print All

  • If you do not want to print all of the reports, then click on Preview, next to the report you want to print. Then click on the printer in the report
  • When finished - Click on NEXT

 

Step 5 - Owner Statements

  • Click on Options first - Check you have the correct options ticked ...
  • Office Copy-Paper: For those who want a copy of all statements for the Office
  • Owner Copy-Paper: For Owners Set to Paper or Owners set to Paper and Email
  • Owner Copy-Email: For those owners who are set to email &/or Email & Paper
  • Also make sure you have the right Diary Group selected to attach your creditor invoices to your owner statements.

  • Tick the Include Invoice Button: This tick box will attach scanned invoices linked to the creditor invoice transactions on the current statement. These are in addition to the scanned documents done using the statements diary group.
  • Double check the date. (If you are closing your month end early, you need to change the date here)
  • Then click Close (This will save any changes if you have made any)
  • Now click on Process. The statements will be created in PDF format and then saved to the diaries. Before the printing and emailing starts …..

    • A pop up box will appear: This gives you the option to run the statement process now or do it after the month end procedure. If you click NO, then you can run the statement from Owner Reports after month end is completed
    • First the statements will run through and archive, meaning Palace will put a copy of each owners statement into their diary, then it will run through again doing the printing and emailing of statements. OR if you have selected to run statements after month End, then it will create the PDF’s only.

    Please Note: This can be a slow process as Palace will check each statement and look in each diary to see if there are any creditor invoices to be attached, hence why you might be better to run statements after month End. Particular if you are a large portfolio.

    • It will show "Process Completed" on the screen. Click NEXT

 

Step 6 - Agent Statements

  • This step is only needed if you have commissions set up against an agent.

  • You have the option of printing a full statement (Which will show each and every transaction) or printing just a summary
  • Once you have made you choice, you can click Process
  • NOTE: You can print both the detailed and the summary, click on Process to print detailed and then tick summary and click Process again
  • Once the statements have printed click NEXT

 

Step 7 - ledger Statements

    • This will print out a transaction report on each ledger. Select the ones you want (The management fees ledger is a very long report and you may not need it, most can be reprinted later if required)
    • Click on Print
    • When Printed click on NEXT

 

 

Step 8 - Owner Payments

  • Click on Process
  • A pop up screen might appear asking you to clear the online file - YOU ALWAYS SAY YES TO THIS

  • A screen will appear, if you pay any Owners by Cheque, then enter the next available cheque number in here
  • Check the date

    • Select the frequency - if you pay all of your owners out at the month end, then you can leave it as All
    • Properties to "Net Off" to pay Owner balances - This is automatically ticked on. click here or see below for more information on this
    • Click OK
    • NOTE: If you get a message "Unable to proceed", this means that Palace is unable to "net off" a negative property balance against other property balances because the property with a negative balance is linked to it's own bank account. Palace cannot take money out of a bank account - only put it in. You will need to close out of the monthend procedure, edit the property and link it to another bank account. Restart the monthend procedure, step forward into the owner payments step, then try again. After the monthend has been completed, remember to reset the property to it's original bank account.
    • You will have a screen of Owners payments showing. Click on the printer (Top right of the screen) This is the unprocessed transaction report and must be printed.
    • Once printed - go back to transactions and click on Process.
    • Click on ONLINE - You will see a list of Owner payments and the bank accounts showing on the screen - Click on the printer (Top right of the screen) This is the Direct Credit Report - The total of this, must match the total of the Direct column on the Unprocessed Transaction Report.
    • NOTE: If there are any entries on this screen that are showing unticked, this means that there is no bank account entered (or it may be entered but not linked to the property) you can right click and modify existing bank account, but if if the bank details have not been entered or it is the link to the property that is missing then you will need to close out and go and relink the property. You can then re-generate the file. See below.
    • Then click Generate - It will bring up the browse screen - Browse to where you want to save the file. Name it Owner payments (Do not date it) click OK. You have now generated the CSV file that you will upload to the Bank. (If you don't upload a file then you can skip this step)
    • Click "Clear" to clear the online file
    • Then click Close, Close and back to month end wizard
    • Click NEXT

 

Step 9 - Agent Payments

  • This step is only necessary if you pay commission based Property Managers

    • Click on Process (or if you are skipping this step click on NEXT)
    • In the pop up screen - enter in a cheque number if needed. Click OK
    • The list of agent payments will appear on the screen
    • Click on the printer (Top right hand side) and print the report
    • Then click Process
    • The money has to be transferred out of your Trust to your Trading Account so that tax can be applied.
    • Click Close and then NEXT

Step 10 - Ledger Payments (Company Income)

  • Click on Process
  • If you pay the commissions by Cheque then enter in the cheque number here otherwise click on OK

  • The list of ledger payments will appear on the screen, you can unselect any ledger payments you do not want to pay.
  • Click on the printer at the top right hand side of the screen to print out the Unprocessed Transaction report
  • Click on Process
  • If you say yes to the print box, it will print one page showing each of the individual payments.
  • Click on online - The ledger payments will be showing there (If they don't show here, it means you have not entered your Trading Account details into the Trading Account area under Ledgers)
  • Click on Generate - This will generate your file, save to your desktop (or a folder that you have set up)
  • Click OK
  • Click Close - Close and then NEXT

 

Step 11 - Final Trust Reports

  • Remember you should have already reconciled before starting your month end, you are only accessing this area now to print the reports
  • Click on Bank Reconciliation - This will take you through to the Reconciliation Screen - You may need to enter in a closing bank account balance.

  • Click on Reports
  • Click on Trust Account Reconciliation - Print (You may need to print 2 copies)
  • Note: If you are in Australia, you can change the wording of the Trust Reconciliation report to suit your specific Tenancy Act. Click on Print. (You may need to print 2 copies). All users should keep this report with the month end reports
  • Print any other report that you require
  • Close out when ready and close out of Reconciliation
  • Click NEXT

 

Step 12 - Close Month

  • This is the step that will actually close off the month and roll into the new one. (Double check the date of the month you are closing to make sure it is the correct one),
  • Note: If you are closing early you need to change the date here - e.g If you are closing on the 26th of month, and you have receipted up to and including the 25th then you would make the month end date the 25th. It is never the day you are running the close-off procedure.
  • You can select the reports you want to print (these are also available from View- Historic reports or Statistics)

  • Note: If you untick all reports, this step still requires that one additional report is printed, so you must print that report before you can close the month.
  • Click on Process
  • It will print a report
  • Wait until it says Month End Completed.
  • Click NEXT

 

Step 13 - Audit Reports

  • Print the Audit Reports

  • Note: These are very big reports and will print each and every transaction that was made during the month. These reports are available any time so only print them if your auditor requires them.
  • Click NEXT when completed
  • You will now see a big GREEN Tick - Congratulations - Month End is complete.

 

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