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.

Make sure the daily receipting has been done and that you have reconciled.

 

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.

    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.
  • Tenants: Refunds Due Report: Ensure that you have enough funds on keepback to pay the tenant.

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.

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  • 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.

 

Remember to then upload your files to the bank 

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