This function will allow you to post journal entries to ledgers on a regular, scheduled basis as a batch. The function includes Recurring Journal Entries, Recurring Transfers, Reconcile Property Management Fees, and Tax Collections (if you have purchased the optional Tax Collection module).
When you click the Compile button, a list of all the candidates that meet the parameters will appear on the list. You have the option to skip any on that list before posting.
Recurring Journal Entries
This function posts the journal entries created in the ledger or unit profile using the Recurring Journal Entry button. It is used for known happenings like auto withdrawals for mortgage payments, automated bank transactions, etc.
Once the information has been entered in the profile, run the GL, Scheduled Journal Entries function by entering the Scheduled Through date and any restriction of schedule or ledger.
Recurring Transfers
This function posts the journal entries defined in Setup, Recurring Transfers. It is used for creating transfers based on net transaction balances for a time period like tax on rent received, tax on income, or tax on management fees.
Reconcile Property Management Fees
The management fee parameters utilized are defined in the Property Profile. They can be used to supplement or in place of the parameters set in the management fee profile assigned to the unit.
This function can be used in lieu of taking a management fee each time a payment is received. If payments are received from more than one source (roommates) or from multiple units (apartments) in a property, you can have one fee transaction posted. When the management agreement contains a minimum and/or maximum for the property this function will make the appropriate adjustment based on the collected or calculated fee..
The total amount of income subject to management fees for the month is calculated and the percentage applied. If below the minimum, the minimum amount will be used. If above the maximum, the maximum will be used. That amount is then compared to the total of the management fee transactions and the necessary journal transfer adjustment will be posted. The adjustment is posted as of the Scheduled Through date.
Tax Collections
This function posts the recurring journal entries for those recurring transfers that are marked "Use for Tax Collection". In many cases the report generated can be used to satisfy the tax authority reporting. If not, the text file generated can be imported to a spreadsheet and used to produce the tax authority’s specific reporting requirements.
This function is an add-on module.
A custom Hawaii Tax module is also available. It automates the preparation of the periodic tax reports and year end reconciliation and provides for electronic submission of the required reports.
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