Processing Mid Month

Mid-Month Process


Palace does not have a mid-month wizard or any pre-set steps. However we do have a few recommended tasks for you to do before processing any payments.

At mid-month you have a choice of sending out a Remittance, Owner Statement or nothing.


Preparing to Pay out Owners

There are a couple of reports that are good to run before any payout. Click on Owner Reports and print/download either all or some of the following:

  • Owners: Held Schedule (to check which owners are on Hold and will not be paid)
  • Owners: Keep Back (to check that the keepback amounts are still correct)
  • Owners: Payment Detail or Summary (Details shows each Owner, split by each property). This is a handy report to check who you are paying out before you actually do the payment run. It is also an excellent way to check that each owner has a bank account which is really important.
  • Tenants: Refunds Due Report: Ensure that you have enough funds on keepback to pay the tenant.

Instructions - Generating Pay Summary

  • Click on Owner Reports - Generate Pay Summary
  • Choose the frequency - Half Month (or All if you pay all of your owners at mid-month)
  • Click Preview
  • Check down the report to make sure there are no gaps in the bank accounts or warnings that need to be dealt with prior to the payment run.

Paying out the Owners

You pay out the owners using the transaction Payment - Owner (Generated).

  • Go to Transactions, click on the down arrow on the right-hand side (under Batch transactions)
  • Choose Payment - Owner (Generated) and click on +Generate button
  • Check the date, choose half month under the frequency selection (or All if paying all owners)
  • If any owners are paid by cheque enter the next cheque number and Palace will allocate the cheque numbers to those owners paid by cheque
  • Properties to Net-Off to pay Owner Balances – if you have strict audit turned on this option will be greyed out. If you do not have strict audit turned on you have the option of ‘netting-off’ your owner payments i.e. any overdrawn properties will be deducted from in credit properties and the owner will be paid the balance to prevent the owner from becoming overdrawn
  • If you want to send a remittance, or a statement slide the option to ‘Yes’ from ‘No’ (you can only send one or the other – not both)
  • Click Process.


  • The owner payments will show on the screen. Click on the print button - top right hand side (this is an important report – you cannot run it again)
  • Print report - Unprocessed Transaction Report - This will show the total of cheques and direct payments to be made
  • Once printed - go back to Transactions and click on Process
  • Click on "Online File"
  • Now click on the print button - top right-hand side of the screen
  • This is the Direct Credit Schedule - close when printed
  • If you do not use bank files to pay your owners go to the bank and manually pay them from the Direct Credit Schedule
  • If you do use bank files, click on "Generate", this will bring up a pop-up box asking you to name the file
  • Call it Owner Payment or Owners – so that you can distinguish the file when you are uploading it into the bank
  • The file will automatically save it in your download folder


Paying out Suppliers or Ledgers

Follow these instructions again but under transactions choose Payment – Supplier (Generated) OR Payment –ledger (Generated) respectively. Then follow the exact same procedure.

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