Before the property manager can email the owner with the monthly statements and before they are published to the Owner Portal, the statements must be finalized. It is standard accounting practice to close out a month after processing all proceeds to the owner.
When a statement is finalized, it cannot be modified, and copies of the statement are permitted for distribution to the owners. All remaining balances of the finalized statement (as well as any changes that need to be made) are carried over to the next month.
Statements can be finalized for one or more units at a time or for all units at once.
After completing the end of month procedure and auditing each Owner's Account to ensure that it is accurate, the property manager can finalize the month.
To do so, go to:
- Accounting > End of Month Process
- Finalize Month
Specify the month and year end and choose to finalize all either all units, one single unit, or multiple units from the list:
Next, click "Set Month End" and then click "Yes" to confirm.
Please keep in mind, that after finalizing the month, it is final and cannot be undone. Once finalized, transactions cannot be added, edited or deleted from the Owner's Account. If a mistake was made, it can be reconciled on the next open statement by either applying a credit or debit to the owner.