Configure month end wizard

Summary

Learn how to tailor Palace software's wizard feature to suit your specific month-end requirements.

This article covers:


Configure the month end wizard

You can configure the default order of the month end wizard. This area is permission-based. This area is permission-based. If you can't access settings, please ask your manager or administrator to help you.

  • Go to Settings > Month End
  • Click on the radio buttons on the right-hand side to remove a step from the list
  • Click and hold on an item to move it up or down the list

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Reset the month end wizard configuration

The month end wizard order can be reset.

  • Go to Settings > Month End
  • Click More
  • Click Reset month-end workflow

Month_End_Settings_Changes.gif

Additional information

  • We recommend that the step called Ledger Payments be placed before the step called Ledger Statements so that the current month's payments are included in the statements
  • Most users prefer to print the Owner Statements before processing Owner Payments. This means the statement will show an account balance before the final payment - usually the amount being paid
  • Most users then process the Owner Payment transactions before the Close Month step. This means that the final owner payments never show on a statement. They are implied as having been paid
  • Some accounting users opt to print statements, close the month, and pay owners before entering new month transactions. This method displays the opening balance from the previous month and records payment transactions at the start of the new month in the subsequent month's statement. However, it's important to note that year-end statements assume payments are made before month-end close to align with the respective months.

What's next

Discover further insights into month-end processing, and we advise reviewing your reports before initiating the month-end procedure.

If you would like written instructions to follow while watching this video, or for when you run month-end yourself, you can learn more about the month end wizard (without user commission).

View the month end webinar for additional information.

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