Month End Check list

Palace Month End Checklist (Liquid)

 

Month: __________________________________

 

                            

Pre Month End

Completed

Previewed ‘Generated Owner Payment Summary’ Report – to check all properties have bank accounts next to them and fixed any that needed it (Owner, Owner Reports, Owner Payment Summary)

 

Previewed ‘Owner Held Schedule’ and ‘Owner Keep Back Amounts’ Reports and updated records as needed (Owner, Owner Reports, Held Schedule & Keep Back Amounts)

 

Previewed Tenant ‘Refunds Due’ report and paid out tenants as needed, or check if there is a keep back on the property (Tenancy, Tenancy Reports, Refunds due)

 

Have scanned and attached all supplier invoices. (If relevant)

Checked ‘Supplier Bank Accounts’ Report to make sure all bank accounts are loaded

Checked ‘Unpaid Supplier Invoices’ Report so that you are aware of any suppliers not getting paid (doesn’t apply if running strict Audit)

(Supplier, Supplier Reports, Invoices (Unpaid) )

o

Have a successful Bank Reconciliation and checked under Reports – ‘Trust Account Reconciliation’ Report does not show a red warning

(Financial, Reconciliation, Reports, Bank reconciliation trust account)

o

Checked your Ledgers balance’s to make sure NONE of overdrawn

(Financial, Ledger, Check Current balance column)

 

Processed any ‘Charges’ or ‘Invoices’ from the Dashboard area

 

Month End (Go to Financial, click Month end)

 

First Screen is the Month End Workflow area.  It will ask you to select the date of the Month End. Normally you would leave it saying the end of the month date but if you are closing off early then change the date to the close off date. This will mean that all reports will now show the correct date.  Click Begin

 

Step 1       Review Balances (There should be no surprises here as you have

                checked these reports pre month end), Click Next

 

Step 2       Pay Bonds – Click on Process Bond
                The screen will show any Bonds to Pay, you can tick or untick the

                relevant payments or alter the payment amount.
                Enter in the Cheque number in the Ref No field
                Click on Confirm, you can then click on the Print icon and print the

                Unprocessed Transactions report.
                Then click Process and Download Remittance, Print
                Close Tab– Click Close and then back to month end and click Next.

 

 

Step 3       Pay Creditors – Click on Process Supplier
                If you pay any creditors by chq – enter in the first chq no.
                Click Process

                Click on the Print icon at the top of the screen and print Unprocessed

                Transactions Report, Close Tab.


                Click on Process
                Click Download Report and it will email or print the creditor

                remittances, Close Tab, Click Close
                Back to Month End, Click on Online file

                Click Print icon at the top of the screen for DC Schedule

                Click Generate, Provide filename (Creditor Payments)
                Download, Once bank file downloaded click Clear
                Click Go to month end at the top of the screen to take you back to

                month end.
                Click Next

 

 

Step 4       Reconciliation Reports, Click Generate All, Click Download
                or click Generate next to the reports you want and Download
                Print, Close Tab, Click Next when finished

 

Step 5       Owner Statements
                Check Attachments – Diary Group (Email & Print) for correct selection

                for invoices.
                Click Collate
                Now click Next

 

Step 6       Agent Statements  (Optional Step – Only if you Pay Agents)
                Choose if you want a full report or summary only
                Click on Generate, click Download, Print, Close Tab
                Click Next when finished

 

Step 7       Ledger Statements
                Tick the ones that you want
                Click on Generate, click Download, Print, Close Tab
                Click Next when finished

 

Step 8       Owner Payments – Click on Process Owner
                If you pay any Owners by chq – enter in the first chq no.
                Click Process

                Click on the Print icon at the top of the screen and print Unprocessed

                Transactions Report, Close Tab.
                Click on Process
                Back to Month End, Click on Online file

                Click Print icon at the top of the screen for DC Schedule

                Click Generate, Provide filename (Owner Payments),

                Download, Once bank file downloaded click Clear
                Click Go to month end at the top of the screen to take you back to

                month end.
                Click Next

 

Step 9       Agent Payments –  (Optional Step – Only if you Pay Agents)
                Click on Process Agent
                If you pay any agents by chq – enter in the first chq no

                Click Process.
                Click on the Print icon at the top of the screen and print
                Unprocessed Transactions Report, Close Tab.
                Click on Process
                Payment done, you will need to transfer the money from your trust to

                your trading accounts

 

Step 10     Ledger Payments – Click on Process Ledger
                If you pay ledgers by chq – enter in the first chq no.
                Click Process

                Click on the Print icon at the top of the screen and print Unprocessed

                Transactions Report, Close Tab.
                Click on Process, Click Close
                Back in Month End, Click on Online file

                Click Print icon at the top of the screen for DC Schedule

                Click Generate, Provide filename (Ledger Payments)
                Download, Once bank file downloaded click Clear
                Click Go to month end at the top of the screen to take you back to

                month end.
                Click Next

 

Step 11     Final Trust Reports - Click on Bank Reconciliation
                Check you are still in Balance and then click on Reports

                Click on Bank recon. trust account, Generate, Print, Close Tab

                Click on Bank recon. unpresented, Generate, Print, Close Tab
                Click Cancel, Close and Next

 

Step 12      Close Month
                  Click on Process
                  Download Reports
                  Click Next

 

Step 13      Final Audit Report – Click on Generate All

                 Download Reports
                 Click Finish

 

Step 14      Month End Completed! – You should get the Green Tick

                 Click on Owner Statement Report, click on Owner Statements
                 Check Month end date is correct, select Yes to Owner Copy –Email etc

                 and Include letterhead

                 Click Generate, this will now do the printing and emailing of Owner

                 Statements and could take a while depending on the portfolio size.

 

 

Month End completed – Remember to do the bank uploads for your payments

 

 

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