Accounting & Distribution Tab
Fields
Accounting
The accounting section contains fields for Management Group, Posting Table, Accounting Method and Start of Year, similar to the owner profile.
Distribution Rules
These check boxes set up the rules for the application to follow when the Scheduled Payables, Distribution Checks function, the ACH Distribution Batch or the Scheduled Payables, Transfer Property Surplus is run.
Transfer Surplus Funds...
Marking this checkbox will credit the owner accounts with surplus property funds when the Scheduled Payables, Transfer Property Surpluses function is run. Thus the net surplus is computed for the property and the surplus is divided up based on the owner shares and credited to the appropriate owner accounts. The funds will then be available in the owner’s ledgers when Scheduled Payables, Distribution Checks is run.
If the checkbox is not marked, a check will be made to each of the property’s owners for their share of the proceeds when Scheduled Payables, Distribution Checks is run, unless there is a distribution check override address entered on Tab 3. In that case the entire distribution amount goes there.
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.
NOTE: Bank Routing Number and Bank Account Number are required fields when the Distirbute by ACH checkbox is marked. Enter the word Owner in each field.
Collect Deficits...
Marking this checkbox indicates that when there are deficit funds in the property (i.e. the property is below zero) the funds needed will be drawn from the owner account(s) when the Transfer Property Surplus to and Recover Deficits from Owners is run in AP, Scheduled Payables.
NOTE: This process can draw the owner balance negative , thereby reflecting any overall deficit in the owner's ledger. To identify owners who are negative run an owner balance report, limiting to Balance Less Than $0.
NOTE: This function is intended for single owner properties not for multi-owner properties or owners involved in a mixture of single owner and multi-owner properties.
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