Reports to check prior to month end

Summary

For month end to go smoothly and to make sure the information is correct, we suggest that you preview a few reports before starting your month end. Doing these checks will ultimately save you time and stress as they help prevent errors from happening.


Owner Reports

  • Owner Generated Summary Report - This report will allow you to check bank account numbers, it will also show you a list of everyone who is due to be paid. You can select by frequency. It is not to be used for paying out your owners
  • Owner Held Report - This report will give you a list of all owners that have been put on hold. If you need to take them off Hold, you can either go to the Owner edit screen and change it there or do it after you have started month end
  • Owner Keep Back Report - This report will give you a list of any property that has a keep back amount on it. This report is especially important to check because of overpaid rent. If the tenant has paid rent past the vacate date, Palace will automatically put this amount on keepback. (however, this does depend on your settings in the setup area)
  • Owner Statements - If would like to check your statements before month end is run
  • Go to Owners > Owner Reports > Statement Review
  • Select the agent you want or leave it on all
  • Click on Generate. It will generate the current statements in PDF format for review on the screen or you can print them out

Tenant Reports

Tenant refunds due report - This will show you any tenant that is due to be paid some money back. Pays to do the tenant refund before month end or put the owner on hold, so that you do not accidentally pay the money to the owner.

Creditor Reports

Unpaid Invoices report - If you pay creditors at month end, it is worth checking this report, to see which invoices will be paid and which ones won't. (Not applicable if you run Strict Audit)

Important notes

  • Ensure you have entered all rent receipts up to and including the last day of the month
  • Ensure you have reconciled successfully up to and including the last day of the month
  • Ensure that you do not receipt any monies for the new month before you have closed off the previous month (as these will be included in the payout you are about to do)
  • Check the Trust Account Reconciliation report (Found under Reconciliation > reports). Make sure you do not have a RED warning at the bottom of the report - If you do STOP, do not continue with month end and contact support ASAP
  • Ensure you have entered all invoices for creditors
  • Ensure you have processed any repetitive charges, i.e., Inspection charges, admin charges and statement charges. Watch the dates here: Do not process any charges that are dated in the new month
  • Sort the owners list by the amount column - Check for overdrawn owners - Put the owner on hold
  • Check the ledgers for overdrawn ledgers - sort that out before month end (transfer funds between ledger accounts to clear off overdrawn amounts).
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