Post the corrections on the deactivated account. This ensures that the corrections are related to the respective contract.
Figure 75: Reactivate account
After reactivating the account, post the correction and settle the account.
Figure 76: Post correction
Figure 77: Guest account after correction
i NB: There must be sufficient funds in trust to carry-out a negative payment on the guest account!
Using the trust account distribution, the correction is transferred to the owner account, as well as to the management account, thus reducing the pay-out of the following period.
Figure 78: Book trust account distribution after correction
Figure 79: Owner account after correction
Figure 80: Management account after correction
The procedure of the end of the month demands several steps like the synchronisation of bank statements, booking of contracts, booking of fees, settlement of the owner accounts and management account, as well as the printing of owner statements and various reports.
i NB: Special attention has to be paid to the entry of the posting date in all areas!
Carry out the following steps, most of which have been described earlier in this chapter:
•Bank statement:
•A/R Management: apply payment
•Synchronise bank accounts
•Book contracts
•Book fees
•Pay out owner (long stays)
•Post balance brought forward
•Settlement accounts
•Owner statements (see below)
•Settlement sundries
Normally, the sundries are settled manually several times a month.
•Bank transfer of payments
•Store statistics
•Closing period (see below)