Processing Month End in Palace Liquid (after moving from Palace Server/Live)

 

This tutorial will take you through how to process Month End in Palace Liquid. You can view this in full screen and have the option to Try It (click through the tutorial), View It (a scrollable format), Watch It (watch the tutorial), or Print It (which gives you a PDF to download)... the choice is yours! Click Start

 

Please note: Month end steps in Palace are customisable so may differ from these tutorial steps or the order of these steps. Processing the actual steps is the same. If you want to see what steps your database is set to process and the order of these, go to System > Settings > Month End

85 STEPS

1. All your normal processes and checks should be completed before starting month end (ie, bank rec in balance, invoices entered, statements checked, owner holds and keep backs, tenant refunds), these are the same reports you had available previously

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2. To start month end, click on the financial menu

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3. and select Month End

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4. The date you are closing off to will display as before - click Begin

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5. The month end steps are the same as you had previously. Please note you may not have all the steps that this tutorial will run through, however the steps you do have are completed the same way.

Your owners on hold will display. Click Generate

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6. This will generate the Owner Keep Back Report and Save it as part of month end. This means you don't have to save or print it outside of Palace if you don't want to - these reports now save under Insights > Historic as part of every month end you run

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7. Download the report if you want to save it.

If you have an owner currently set to hold fundsthat you realise you need to payout today, you can change their payment type byusing the blue arrow next to their name

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8. Click next to continue

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9. If you have Bonds to pay, and this is a step in your month end process, then click Process Bond.

If you don't need to pay bonds today, click next to continue

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10. Check the date is correct, enter your landlord ID into the reference number and change the payment type to direct.

Select the bonds you are paying today

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11. and click confirm

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12. Click process

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13. To save or print a copy of the Bond Remittance, click download

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14. This will open a new webpage with the report shown. On the right you can choose to download or print. You can also right-click on the page for these options.

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15. The report will save to your downloads folder. Close the report to return to Palace

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16. Click close

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17. If you create an online file for your Bond Payments, click online file

If you don't create an online file, click next to continue

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18. Click the Print button to save or print a copy of the Direct Credit Schedule

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19. As before, this opens a new webpage. The direct credit schedules do not save as part of the month end process, so we recommend saving or printing this report for your records

Click to close the report and return to Palace

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20. To create the file, click Generate

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21. Enter a file name and select download. If you do not enter a file name your online payment will be called online_file by default.

Note - do not add any dots in your file name, if you want to enter the date use a hyphen or just spaces in the file name

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22. The online file will save into your downloads folder.

Click "Go to Month End" at the top of your screen to go back to the month end process

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23. Click next to continue

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24. To pay suppliers, click Process supplier

If you have no suppliers to pay, you can click next to continue

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25. Click Process

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26. If you usually print a list of your unprocessed transactions, select Print and then either by description or amount.

Click Process to process these supplier payments

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27. The payments have been processed and supplier remittances will be generated and sent. While this is being done you can continue with your month end. You will receive an email when this has finished sending.

Click close to this screen

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28. To create the online payment file for your suppliers, click online file

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29. as before, click Print to save or print a copy of the direct credit schedule

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30. Once you have your copy of this report, close out of it to return to Palace

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31. and click Generate to create the online file

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32. Enter a file name and click download

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33. This online file will also save in your downloads folder.

Click "Go to Month End"

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34. and next to continue

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35. Click Generate all. This will generate all of the reconciliation reports below

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36. Click download if you want to save or print a copy of these reports.

All of these reports save in Palace as part of the month end process under Insights > Historic

Click next to continue

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37. The attachment option selected in your database could be invoices or statements (or something different) - as this will be the same as what you had selected in your previous system. It will collate files from the property diary with this diary group

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38. You have the option to also collate files from the property diary that are grouped as invoices, that are not saved as part of a transaction process.
Also whether you want to collate invoice documents that have been saved as part of a payment expense

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39. Click Collate.

This isn't sending your owner statements, it's just collating the information together. Your statements are sent after month end has been finished.

Note, this step must be completed and cannot be skipped

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40. Click next to continue

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41. Click generate. This willgenerate a statement showing all the transactions completed in the selectedledgers for the month

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42. Click download if you want to save or print a copy of this report.

Click next to continue

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43. Click process owner

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44. If you normally select a particular frequency for your owner payments you can use the dropdown to do so.

Click Process

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45. If you want to print a list of these unprocessed transactions, click print and then whether by description or amount.

Click Process to complete the owner payments

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46. Once the payment process is completed, click online file

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47. Click Print to generate a copy of the direct credit schedule

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48. Save or print the direct credit schedule and then close the report to return to Palace.

Remember the direct credit schedule does not save in Palace as part of month end

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49. Click generate to create the online file

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50. Enter a file name and click download

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51. The online file will be saved in your downloads folder alongside the other payment files you have created.

Click "Go to Month End"

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52. Click Next to continue

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53. Click Process Ledger to payout the agency funds

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54. Click Process

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55. If you want to generate a report of the list of unprocessed transactions, select Print and whether by description or Amount.

Click Process

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56. Click online file to generate a payment file.

If you usually just transfer these funds between your rental account and trading account you can "go to month end" to continue.

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57. Click Print to generate the direct credit schedule

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58. Once you have saved or printed this report, close out of the report to return to Palace

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59. Click Generate

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60. Enter a file name and click download

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61. Your ledger paymentfile will be saved to your downloads folder. 

Click "Go to Month End"

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62. Click Next to continue

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63. Click Bank Reconciliation

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64. This step requires you to generate the Bank Reconciliation Trust Report.

Click Reports

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65. Select the Bank Reconciliation Trust Report

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66. and Generate

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67. This report will save as part of the month end process however you can save or print this here.

As this report refers to the Unpresented Payments report, it's recommended you generate this report also.

Close the bank rec report to return to Palace

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68. Select Bank Reconciliation Unpresented

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69. and Generate

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70. Save or print this report to keep with your Trust Account report you generated prior.

Close the report to return to Palace

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71. Click cancel to close out of the reports screen

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72. and "Go to Month End"

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73. Click Next to continue

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74. You can see that the Owner Statement and Bank Rec steps are mandatory and will show whether they have been processed. If you did not generate the Bank Reconciliation report, then the bank rec will not be ticked. You can still continue.

Click Process

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75. You can download the reports that display as you wish. These do save as part of the month end process under Insights > Historic

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76. Click Generate all to generate all the audit reports below

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77. You can download or print these reports, otherwise click next to continue.

These reports do save as part of month end

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78. Month end has been completed.

To send owner statements, click Owner Statement Report

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79. Check what has been selected. If you want to send invoices with your statements, ensure this is set to Yes.
If you have a Letterhead in Palace, ensure this is set to yes, and also ensure Email owners is set to Yes.

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80. Scroll down the page. Your statement wording options will be the same as they were in Live.

If you have not set up your email template yet you can do so now. Make sure you click Save before navigating away from this page if you have made changes above

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81. Your email template is what the owners will receive with their owner statement and invoices attached. You can alter this as you wish. Leave the date merge field in the subject line, this will populate the date of each month end. 

Click save and close

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82. To send your owner statements, click Generate

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83. Check the settings are correct (this will show what you have turned on in the previous screen for the statement process).

Click Yes to continue

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84. and Ok.

The statements are generated and send in the background, so you can carry on with your day. You will receive an email once this has been completed.

Once you get this email you can find your printable statements under Insights > Historic

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85. That's it. You're done.

Remember you can find all of those saved reports as part of the month end process under Insights > Historic.

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Here's an interactive tutorial

https://www.iorad.com/player/1854879/Processing-Month-End-in-Palace-Liquid--after-moving-from-Palace-Server-Live-

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