Month End Important Note- With Checklist Attached

It is important that you understand that most trust account regulations require that the Trust Return covers a FULL MONTH and this is usually interpreted to be a FULL CALENDAR month. The Palace system assumes a calendar month. Palace does however allow you to close your month at a date that suits you but you must remember to alter the default end of month date to the actual date that you are closing. This is so that the new month starts on the correct date.

NOTE: If you do close a month as at say the 1st or 2nd of the new month, (we mean actually using that date, as normally you would close on the 1st using the date of the 31st or last day of the month) be aware that, because all statistics reports assume a calendar month, they take the month from the close-off date each month. So if you close as at say the 1st of a new month, the statistics reports will be recorded under that new month, rather than under the month you a re closing. If you were then to close that new month as at the 31st, thee statistics for that month would be doubled.

Secondly you must ALWAYS date transactions correctly with the date the money was actually received.

The Palace month end steps can be customized to the requirements of each user.

If you are an office that gets audited regularly, we suggest you check with your Auditor as to which reports they require before you take them out of the month end steps.

Month End Statements: Statements can be created during the month end process and then run after Month End has completed. This is normally very good if you have a large portfolio and it takes time to run the statements. See the notes

 

MONTH END WIZARD:

Palace has a month end wizard that will lead you through month end. You can customize month end to suit your own needs.

Attached is a Checklist of the month end steps for use

 

 

 

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