Accounting Task | When to do it |
Last day of the month | |
Last day of the month | |
1st of the month or daily | |
1st of the month | |
1st of the month | |
4th business day | |
Charge NSF fees (autopay automatic) or late fees | 5th business day |
5th business day | |
Enter or scan bills and etransfers | Daily |
Daily | |
6th business day | |
7th business day | |
8th business day | |
Complete by statement date | |
Condo - Interest on late payments | 12th business day |
Last week of the month (beginning of lease) | |
After condo fees are collected | |
Other bank charges | As they come |
Before the last business day of the month:
Add any new leases with the Deposits, Last months rents, and pro rated invoices.
Review your empty units to ensure the leases are in.
Review your leases that are going to expire at the end of the month and need to be renewed.
Renew the lease or set it to month to month.
**Propra will not generate a rent roll for a unit that does not have a lease. (ie if the lease ends December 31st no rent will be posted for January 1).
Close any completed maintenance requests after reviewing the costs and confirming that the cost amounts are correct.
Create any credits to tenants who prepaid.
Terminate any leases that are ending, complete inspections, and issue deposits. *Autopay will post but not collect a Last Months Rent on a lease that is expiring (Ontario). Ie If the lease is set to end May 31 rent will be posted on April 30th but Autopay will not pull the funds from the tenants account.
On the last business day of the month Autopay will run a rent roll for all the properties that are turned on for collection. If you are not using Autopay you will manually run a rent roll or one will be created if you have set this task as recurring.
Review the rent roll that has been posted in receivables and confirm the amounts.
If the amounts are incorrect, adjust accordingly and also review the lease amount and edit the lease to reflect the change that needs to be made so that next month the amount is correct.
Review all of the outstanding invoices in the receivables tab. Sort the list by payee name to easily review if a payee has multiple invoices.
Turn off any invoices you do not wish to collect with Autopay and turn on any past due invoices that had previously been turned off that you now wish to collect for the 1st.
Remember: Purple is on 👍🏼
The business day after the first of the month
Review and confirm the rents that have been paid outside of Autopay by selecting Post Deposit which will record that the rent has been collected.
If the tenant is paying via Autopay, the deposit will automatically post the rent as paid on the 1st to Undeposited Funds. After the NSF clearing period the funds will be paid to the Operating Bank.
Returned Payments:
Autopay: If the tenants payment failed the NSF will automatically charge to the tenant's ledger and the deposit will be reversed.
Not on Autopay: Find the paid rent invoice and click on it. Click on the NSF arrow to record the returned payment and the charge.
Enter Bills or Expenses as received
Complete the bank reconciliations
After the 4th business day of the month
Charge management fees after rent collection. This task can be set as recurring for any day of the month. Be sure to only charge the management fees after you have collected rent if your account settings indicate that you charge management fees based on Rent Collected. If it’s based on Rent Charged you can post the management fee after the rent roll has happened.
Add tenant late fees for unpaid rents
Pay outstanding bills, maintenance bills and management fees. We recommend paying management Fees and maintenance bills paid to the corporate account be done through bank transfer but can be processed through Autopay as long as the from and to bank accounts are different.
Post Payment if you have paid the bills or transferred the fees through the bank or another payment system.
Process Payment if you are paying the bills through Autopay. Once you Process the payment, navigate to Approvals and approve the total amount being processed to complete the transactions. Payees will be notified that a payment is on the way when the the NSF period has passed.
Review Financials and Prepare Income Payouts
Once you have posted the rents and tenant obligations and all paid payables you can run an Income Payout Report to review each property's monthly financials.
Run an Income Payout bundled report for all properties and owners you are wishing to run the income payout for. Each report will be available to download and review for accuracy prior to creating payout entries.
The Income Payout Variance report can be run to produce a short list of properties that may need investigating.
The Income Payout report will show operating bank balances with the transactions that were paid or deposited and any outstanding payables that should be held back.
Review to ensure balances are correct and all bills have been recorded and paid
If any changes to a property's financial are made you will need to run a new income payout report.
Once financials have been reviewed, go to Accounting > Tasks and run the Income Payout Task and post the payout entries. The entries will be created in Payables, one per property and owner.
Pay the Income Payouts from the Payables page. Use the search bar to search Income Payout which will list all of the income payouts for the month, select all of these invoices and either
Post Payment if you have paid the bills or transferred the fees through the bank or another payment system.
Process Payment if you are going to pay the owners through Autopay. Once you Process the payment, navigate go to Approvals and approve the total amount being processed to complete the transactions. Payees will be notified that a payment is on the way when the the NSF period has passed.
Share the income payout reports with your owners from the bundled reports.