See Also ACH-Automated Check Handling
This function handles distribution check, distribution reserve increase, electronic (ACH) distributions and statement scheduling for owners and properties.
It is set up in the owner profile.
Advanced Scheduling - Distribution Checks
Distribution checks to owners can be set to print according to a schedule rather than any time you go into Recurring Payables, Distribution Checks. Use the fields on this page to set the frequency with which you want to send checks, when the schedule should expire and the next scheduled check. (This field will be updated each time a distribution check is posted.) Note that if you skip a scheduled check and you have a Maximum or Minimum distribution amount entered in the Owner Profile, that amount will be multiplied by the number of missed checks when the next scheduled distribution is done.
Schedule
Select the schedule for printing distribution checks for this owner.
Ignore Scheduling
If this is marked, any time Scheduled Payables, Distribution Checks is run, a check will issue if there is a surplus balance for the owner or property ledger. If not checked, a distribution check will print based on the schedule.
Next Scheduled
Enter the date of the next distribution check. This field will be updated automatically when checks are printed.
Schedule Expires
Enter the date when the schedule will expire.
If the Schedule is Monthly and the Next Scheduled is the 10th, a check will print the first time you run AP, Scheduled Payables, Distribution Checks starting on the 10th. When the check is printed the Next Scheduled Date will be advanced to the next month.
Owner - No check
If you do not want to send a check to the owner, set the Next Scheduled to Never and unmark the Ignore Scheduling checkbox.
NOTE: If you enter a Maximum Distribution amount and the owner has missed receiving distribution checks based on the Schedule, when Distribution checks are run the Maximum Distribution amount will be multiplied by the number of missed checks.
Advanced Scheduling - Electronic (ACH) Distribution Checks
The ACH Distribution Batch is created based upon the parameters entered here when the AP, Scheduled Payables, ACH Distribution Batch function is run. The function eliminates the physical printing of distribution checks by providing input to the bank supplied ACH file creation program. The distribution checks are compiled, posted to each owner/property ledger and then recorded as a single transaction to the bank account. The file format is defined in the ACH-Automated Check Handling section of Help.
Distribute by ACH
Mark this checkbox if you want this owner/property to be included with ACH distribution check processing.
Bank Routing Number
Enter the bank routing number for the bank receiving the distribution check.
Account Number
Enter the bank account number that is receiving the distribution check.
Savings Account
Mark this checkbox if the receiving bank is a savings account. This field has no effect on the export format unless the Federal Reserve ID and Bank ABA ID are entered in the bank account code setup.
Distribute Property Surplus Using Owner ACH
Tab 2 of the property profile has a checkbox Distribute Surplus Using Owner ACH. Marking this checkbox along with setting the property Advanced Scheduling to ACH will cause the property surplus to be distributed to the owners by ACH based on their share of ownership. Owners who are part of properties and don’t have their Advanced Scheduling set for ACH in their owner profile will be assigned the property ACH bank codes. The owner distribution reserves are not considered when the ACH is generated. IF you put the owner’s name in the Distribution Check memo field on tab 3 of the owner profile it will be included in the memo on the ACH batch transaction.
Our recommendation is to set the Bank Routing Number and Bank Account Number to 1 and put all the correct bank information in the owner profiles. Then no transaction will be generated using the ACH information in the property, and if it does use the property information, it will be an invalid account number.
Advanced Scheduling - Increase Distribution Reserve
This function will allow you to increase the distribution reserve in the owner profile by a certain amount each month when a distribution check is cut. Enter the target amount to stop the reserve from increasing indefinitely.
Advanced Scheduling - Statements
This is currently not functional in Version 12.
Advanced Scheduling provides a way to control the preparation of owner statements by triggering the preparation based on a date, the posting of an owner check, or the expiration of a hold period.
Statements can be printed based on the schedule and/or the previous statement ending date set up in the Advanced Scheduling record here.
Benefits
Scheduled statements were designed to make sure the owner gets a consistently dated statement for his property by tracking the date of the last statement sent and starting the next statement on the following day. In addition, you can have some owners get monthly or quarterly statements while others could get a statement every two weeks. Also, you can trigger the printing of statements based on a distribution check being posted so you can send both in one envelope.
When scheduled checks are printed, the Next Scheduled Date and the Date Range for the statement being printed are updated.
The information entered here for the schedule to follow is utilized when the Scheduled Statemenst function is run. Based on the parameters selected you can control the statements that get prepared each day.
Schedule
Select the schedule you want from the drop-down list.
Ignore Scheduling
Unmark this checkbox when you set up a schedule. When it is marked, the scheduling information is disregarded.
Next Scheduled
This date reflects the earliest date that the next statement will be printed. This field will be updated when scheduled statements are printed.
Schedule Expires
Enter the date when the schedule will expire. This field can be left blank if you want the schedule to continue indefinately.
Hold Until
You can choose to wait to print a statement until after the distribution check is printed by selecting that option from the drop-down list. If you choose a value for this field you must enter a value in the Days to Hold.
Days to Hold
Enter the number of days to wait beyond the Next Scheduled date for the distribution check. A statement will not print until after the hold period if a distribution check has not been printed. Once the Hold period is over the system will cause a statement to be printed. The date range will be the day after the previous statement through the Next Scheduled date plus the days to hold.
Previous Statement
These fields contain the date range of the last statement printed. The next statement run through scheduled statements will begin on the day after the end date entered here.
Mark for Printing
Use this checkbox to indicate that you want to print a statement for the dates entered in the Previous Statement fields. After printing the box will be cleared and the schedule will not be updated.
Example
Suppose you want to send the owner a statement with his monthly distribution check. You could print the distribution checks and then go to Mailings, Owner Statements and print a statement one at a time for each check. If you only have a handful of owners it wouldn’t be inconvenient to follow that process. However, if you have many owners it could become very time consuming.
With Advanced Scheduling you simply set the parameters and when you run Scheduled Statements, only those that should be printed on a given day are printed.
In Advance Scheduling you would set the Schedule to monthly, select to Hold Until the distribution check is written, and initially set the Next Scheduled date to the earliest date for the next statement. A statement will print on the day the distribution check is written.
To be sure the owner gets a statement if there is no distribution check in a given month, you could set the Days to Wait to 5 or 10 days. When the hold time expires a statement is printed.
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