Pay Owners (F11)

Pay Owners (F11)

The pay owners guide will assisted you with making payments to multiple owners as well as individual owners  

All operations related to property management can easily be done from the Property Management Procedures window. The shortcut key to this window is F11. You may access this section from anywhere in the software and at anytime.
  1. Select Pay Owners
  2. Click next - A wizard will guide you through steps.


The Process Owner Payment Wizard will open.

You may select the back button at anytime through out to return to the following section.


  1. Select the payment option multiple owners or Individual owner  
    1.  Multiple Owners select your owner Group (this will depend on your department settings) Mid-month owners or end of month owners  
    2.  Individual Owner select individual owner and enter the name of the owner you will be paying  
  2. Period starting from date: The period start date should be the day AFTER the end date of your last processed end of month batch. 
  3. Payment date : The payment date will be used to date all payments made throughout the midmonth procedure, including invoices payments and owner payments. 
    1. If you run your end of month on the first business day after the last day of the previous month, your start date will always be the 1st of the previous month, and the end date will be the last day of the previous month. 
  4. Perform Bank Reconciliation check box: Unchecking this box (not recommended) will remove the steps Reconcile Trust Account and Close Bank Reconciliation from this Pay Owner procedural run.
  5. Clicking Next will proceed you forward to Reconcile Trust Account or Raise owner charges.

Reconcile Trust Account  

This step will prompt you to reconcile your trust account with your bank statements before you start processing any payments. 
Reconciling will help you uncover mistakes made in receipting, giving you the opportunity to cancel and correct the mistakes. 

The current open Bank Reconciliation will be shown. If no open Bank Reconciliation exists, a new one will be created for you. 
  1. The end date of the bank reconciliation will be automatically adjusted to the day before the batch/payment date. 
  2. Clicking Next will save changes you have made to your bank reconciliation.  
However, this step will not prompt you to close the Bank Reconciliation period. This does not happen until you have finalised your Pay Owners processing, in Close Bank Reconciliation . 
Once reconciled, click Next to proceed to Lodge Bonds. 

You will receive a pop up warning message if your trust account is not reconciled: 
You may continue if you wish at your own risk. It is strongly recommended that you reconcile prior to processing your owner payments to avoid under or over paying from your trust account. 


Raise Owner Charges 

This step will prompt you with Owner Charges that need to be raised for the period specified in Step 1. 
  1. Select the new Owner Charges to be raised, then 
  2. Click Next to create and save them, and proceed to Pay Company Fees and Commission. 
Owner charges are prompted to be raised according to actions that have occurred during the 'actioned between' date period. This defaults to the dates you selected in Select Options An action occurs when specific dates in the system have changed, and those dates fall within the 'actioned between' date range. 

This table outlines Owner Charges raised according to changes to specific trigger dates: 



The software will check all Management Agreements having these fees chargeable, and raise the appropriate fee if any of the tenancy trigger dates have changed, and fall within the action date period. 

For example, if your 'actioned between' date period is from  1/10/2015 to 31/10/2015 and you signed a new lease on the 2/10/2015, and the system recognises that there is a 1.1 weeks letting fee applicable to that management agreement, you will be prompted to raise a letting fee invoice for that owner. However if the tenancy agreement was dated the 28/9/2015 (tenancy start date), that letting fee will NOT be raised, since it does not fall between the date range selected in Step 1. 

You can manually change the Actioned between dates to pick up fees from a prior date if you require. 
Note: For any fee to be raised, the fee amount must be entered correctly on the Management Agreement - the charge method must not be 'Not applicable'. 
Note: Management Fees are automatically raised at the point of entering a rent receipt. 

It is important to note that if you have previously raised the owner charge manually, the system will NOT create a second charge. Charges already raised will be shown 
with a !, and a notation “This invoice has already been created. The date of the invoice is (date of manual creation)”. These charges cannot be deselected. 

Manual Charges 
Some charges cannot be triggered to be raised according to date changes in the system. These charges are: 
  1. Annual Statement Fees 
  2. Admin Fees 
  3. Postage & Petties 
These are generally raised while processing mid month.
 
These charges are raised for all applicable management agreements every time Raise Owner Charges is executed. However, they can only be raised once within the action date period per agreement. Any of these fees that have already been raised for that period will be shown with the ! info icon, and cannot be deselected. 

Note: It is possible to raise Admin Fees more than once for the same month. For example, an admin fee could be raised by selecting 1/10/2015 - 15/10/2015 as the action period. By changing the action date period to be from 16/10/2015 to 31/10/2015, a new Admin Fee will then appear to be raised, because the date range covers a different period. 

Pay Owners

Now that we have paid our company and our suppliers we can process all payments to owners. 
As you enter this step, the current ledger balances are recalculated, showing total debits and credits and all commission charged. Owner Payments are the final transactions made before the statements are prepared. This screen allows you to preview the final balances, and check commission has been charged correctly. 
  1. Select All owners to be paid.  
  2. Deselect any errors (due to insufficient funds, or no account details entered). 
  3. Click Next to process the transactions and proceed to Create an ABA File. 


Tip:
  1. You can enter any missing owner bank account details directly from this screen. Clicking the magnifying glass  icon in the property address will take you to the management agreement form. From there you can enter the bank account details on the Owner Accounts tab. After saving your changes, click Find Now to refresh the screen with the updated information. 
  2. By changing the view from “All Properties” to “By Owner”, you can see all payments to the one owner that may be linked to multiple properties. 
Select the Owners to be paid and adjust the amounts if necessary, then click Next to create the payments transactions.

Create an ABA File

A new ABA file will be created as you enter this step. It will automatically include all the direct deposit EFT transactions that were created in the previous three steps. 
Note: Check the transactions from and to dates on the ABA file. It will automatically be selected for batch/payment date only. This is to avoid accidentally including a transaction from a previous period. You are able to change the from date. However, you do run the risk of including EFT payments from a previous period that have not yet been included in an ABA file. 
  1. Include all the payments by selecting the transactions to include in the ABA file (The ABA file will not be saved if you do not include any transactions). 
  2. Enter the Description of entries.  
  3. Check the Remitter’s name. 
  4. Enter the Date to be Processed by the bank (this will default to the day you are processing the payments). 
  5. Click Next to save and export the ABA file. 


Clicking Next will save the ABA file, and prompt you to export the text file that can be uploaded to the bank. After exporting the file, you will be prompted to close the ABA file record so that it can be locked away and presented later. 

  1. Click Yes to close the ABA file.

Note: Once the ABA file is correctly exported you must select to close the ABA file. If you do not close the ABA file you will not be able to present it to reconcile. You can close the ABA file at a later date if you wish. 

If you decide not to export the file by clicking the Cancel button, you will proceed to the next step regardless. You can either click Back if you change your mind, or go to the ABA File section later to manually export and close the ABA file. 

Close Bank Reconciliation

The final step allows you to close the bank Reconciliation. 
  1. Click Next to save the Bank Reconciliation. 
You will be prompted to close it if it is reconciled. 

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