Note: The table below is a quick-reference checklist. More detailed explanations and step-by-step instructions are provided further down in this article.
Accounting Task | When | Why |
Rent Review / Condo Fee Review | Between the 25th and the second last day of the month | Verify leases are entered and that charges are accurate. Confirm owner details and condo fees are correct. Convert leases to MTM if applicable or conversely terminate those whose occupancy has ended
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If you are on Autopay, the rent roll will run automatically on the last business day of the month. To view the charges to be posted in advance, run a Rent Comparison report. You cannot run a Rent Roll as this feature is locked down to avoid duplicate rent posting.
If you are not on Autopay, run the Property Rent Roll and/or Rent Comparison reports to view the upcoming charges - which you will need to post manually each month. |
No later than 5PM MST on the last day of the month. | Confirm the amount to be processed from the tenant / owner bank account and that autopay is turned on (or off!) as required for prior invoices. Any outstanding invoices not checked off will be pulled along with rent | |
Post Rent Roll (Not applicable to Autopay users) | Last business day of the month (for the following month) | Record charges in the tenant / owner ledger and revenue to the property income statement |
| 1st day of the month | Post tenant / owner payments manually and forward Interac e-transfer emails (if applicable). |
If you are on Autopay, rent/fees processed electronically will automatically be recorded as received. Please allow up to 5 business days for processing payment from and into your bank account. |
1st day of the month | Ensure previous payments are applied to applicable charges | |
Reserve Fund Transfers (Condo only) | After fees are collected | Fund the Reserve Fund per budget |
Review Outstanding Receivables | Throughout the month | Collect on any unpaid items |
Post Charges as needed | 2nd to last day of the month | Including NSF, late charges or other fees as required per Lease/Bylaws |
If you are on Autopay, late fees and NSF charges will be posted automatically. Payments can be scheduled for a date in the future by either you or your tenant / owner. Any new invoices created will be automatically collected with the first of the months’ rent unless this setting is toggled off. |
Post Management Fees | 5th business day | Based on the terms of the Management Agreement |
Process Property Bills/Expenses | Throughout the month, as received | Approve, record and pay property expenses through manual bill entry or AutoCapture |
Review Income Payout report and Process Income Payout | Per Management Agreement | Distribution of net income to owner for the period |
Process New Leases/Terminations, Adjust Owners in the case of a sale | Throughout the month, as received | Record occupancy information and set up charges. Post Security Deposit charges and Pro-Rated Rent for any portion of the month |
Throughout the month, as needed | Ensure costs are recorded and added to tenant / owner ledgers if required | |
Following receipt of the bank statement | Confirm all entries are recorded properly | |
According to provincial guidelines, upon move out | Apply to rent or refund to tenant following completion of a move out report | |
Review Property Financials for Prior Month | Following completion of the bank reconciliation | Provide property owners and condominium corporations with information relating to the overall health of their investment |
**Please see below for the full accounting cycle checklist
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.