If you're moving to Propra during the year and want your accounting records to include every transaction from the beginning of the year, it's important to complete your historical entries in the correct order.
Following this process helps ensure your owner statements, owner balances, and owner payouts remain accurate.
Important: Do not begin entering current-month transactions until all historical months have been completed. Mixing historical and current transactions can result in incorrect owner balances, reports, and payout calculations.
Who should use this workflow?
This workflow is best for property managers who:
Have a smaller portfolio with relatively few monthly transactions.
Want every transaction from the beginning of the year recorded in Propra.
Need to produce complete year-end reports directly from Propra.
For larger portfolios, we typically recommend importing opening balances instead of entering every historical transaction. This significantly reduces implementation time and the risk of accounting errors.
If historical reports are needed, we recommend exporting them from your previous software before switching to Propra, then uploading the reports to each owner's profile. This preserves your historical records while allowing Propra to manage your accounting going forward.
Complete one month at a time
Work through each month in chronological order, fully completing one month before moving to the next.
For example, if you are starting in July, complete:
January
February
March
April
May
June
Only begin entering July transactions after all previous months have been completed.
Do not enter current-month bills or other accounting transactions until all previous months have been completed and owner payouts have been processed.
Complete all accounting tasks for the month
Finish all accounting work for one month before moving to the next.
Depending on your portfolio, this may include:
Rent
Bills and expenses
Other invoices or charges
Management fees
Interest deposit adjustments
Non-Resident Withholding Tax (NRWT)
Journal entries or other accounting adjustments
Any additional property-specific accounting transactions
Bank reconciliation
Because Propra calculates owner balances based on transaction dates, every transaction should be entered in the month it occurred.
Importing historical transactions
If you prefer not to enter transactions manually, Propra includes an Import Transactions task in Accounting.
When importing historical transactions:
Import one property at a time.
Import one month at a time.
Complete the owner payout process for that month before importing the next month.
Although it may be tempting to import several months at once, doing so can cause owner payout calculations and balances to become inaccurate until each month's accounting has been completed.
Following a monthly workflow allows you to verify your accounting as you go and quickly identify any discrepancies before moving forward.
Professional Plan features
If you're on the Professional Plan, you can speed up your historical accounting by using automation features available in Propra.
Instead of entering bills manually, you can forward:
Supplier bills
Utility invoices
e-Transfer notifications
to Propra for processing, helping reduce manual data entry.
Professional Plan users can also upload monthly bank statements during bank reconciliation.
Propra automatically matches imported bank transactions with your accounting records, making reconciliation significantly faster while helping identify any missing or unmatched transactions.
Before processing owner payouts, complete a bank reconciliation for that month.
Reconciling monthly helps confirm that:
Every transaction has been entered.
Bank balances match your accounting records.
No transactions have been missed.
Any discrepancies are identified before owner payouts are processed.
Making bank reconciliation part of your monthly workflow helps ensure your accounting remains accurate throughout the migration process.
Once all transactions for the month have been entered and your bank reconciliation has been completed:
Review your accounting entries.
Run your Owner Payout Reports.
Verify the owner balances and payout amounts.
Complete the Owner Payout task.
Post the owner income payout.
Only after the month's owner payouts have been completed should you begin entering transactions for the following month.
This ensures owner balances carry forward correctly into the next accounting period.
Why does the order matter?
Propra performs accounting by property and uses the date of every transaction to calculate balances, reports, and owner payouts.
Entering transactions out of chronological order or skipping monthly owner payouts can lead to:
Incorrect owner balances
Incorrect owner payout calculations
Reporting discrepancies
Additional reconciliation work
Time spent correcting historical accounting
Completing one property and one month at a time ensures your accounting remains accurate and makes it much easier to verify your work as you progress.
Before entering current transactions
Before beginning work in the current month, make sure you have:
Completed each historical month in chronological order.
Entered all accounting transactions for each month.
Completed a bank reconciliation for each month.
Reviewed your reports for accuracy.
Processed and posted the owner payouts for each completed month.
Once you've completed these steps, you can begin processing your current month's accounting as part of your regular workflow.
Best Practice
If you're unsure whether you should enter historical transactions or import opening balances, contact the Propra Support team before you begin. [email protected]
For smaller portfolios, entering historical transactions can provide complete year-to-date reporting directly within Propra. For larger portfolios, importing opening balances is typically the faster and more efficient approach while maintaining accurate financial records.