Collection - 1st of the Month and Single Payments

1st of the Month Collection

Propra will automatically create invoices for all rents and condo fees for the 1st of each month. The system will collect payments from residents for all invoices that are marked with Collect with Autopay as well as the newly created invoices. This allows you to stay up to date on your collections without manual collections. 

Reviewing Outstanding Invoices

Each month, prior to the 1st, it is recommended to review the outstanding invoice on the Receivable table. Any invoices that will be sent for collection will have an autopay icon next to them and a due date that is on or before the 1st of the month Autopay collection. 

The Collect with Autopay icon can be removed by clicking on the invoice and turning the feature off

When the invoices are sent for collection an accounting entry will be created to show the funds are in transit. These transactions can be found in the Undeposited Funds general ledger account and will show as paid on the Receivable table. 

Returned Payments

Any transactions that are returned as NSF or invalid by the payee's bank will reverse the deposit to undeposited funds and create an NSF charge for that payee. 

The invoice will then show as outstanding on the Receivable table again.

Collection deposits

Remaining funds will be deposited to the linked bank account for that property's account reconciliation bank group within 5 business days. The accounting entries to move the remaining funds from Undeposited Funds to Operating Bank will be made to match the final deposit date on your bank statement.

For bank groups that have over 20 transactions 90% of the funds will be deposited on T+2 (2 business days after the collection). The remaining 10% will be deposited after the bank's Returned Item timeline T+4. For bank groups with less than 20 transactions all remaining funds will be deposited on T+4.

Fees and Statements

Once all the funds have settled and been deposited to the property's bank group a statement will be available to download in Autopay, Statements.

Fees will be calculated overnight and charged to the bank account chosen the next business day.

Single Payments

Tenants and units owners can make a single payment for outstanding invoices through the resident portal by clicking on the Pay button on the billing page. For the Pay button to be available, there must be an outstanding invoice and banking information set up for the payee. The payee can then follow the prompts to select a payment date and amount to initiate the payment.

Once the payment has been submitted by the payee, the invoice will display with an autopay icon indicating that the payee has initiated a payment. The accounting entry to mark the invoice as paid will will be created on the selected payment date. The accounting entry to transfer the payment to the operating bank will be created when the funds are deposited, after the returned item timeline has passed (T+4).