EOM Checklist and Best Practices

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EOM Checklist and Best Practices

Checklist:

 

Note

Confirm the actual calendar day is in the new month.

 

Note

Post lockbox files or payments that need to be reflected in the prior month.

 

Note

Post miscellaneous charges or credits that need to be recognized in the prior month.

 

Note

Process late fees/delinquency for the month that the property has as the Current Period, before closing it.

 

 

Best Practices:

 

Note

Define charge posting codes to automatically apply to open credits when they are posted. This can be defined in SETUP | Property Setup | Accounting | Posting Codes | Applied checkbox.

 

Note

Avoid leaving open adjustments pending to be posted overnight, post them or delete them by the end of the business day

 

Note

Schedule the Apply Application task to in Queue Management to run Daily between 10:00 pm and 5:00 am.

 

Note

Establish a company schedule to determine who is responsible and when properties will be closed. Normally a property can be closed within the first 5 days of the following month.

 

Note

After closing a property, notify all employees to close/re-open VMS in order for their computer to recognize the new Current Period.

 

Note

Once you run EOM Closing for a property, it is not recommended to revert it back to the previous month, as they may affect on how credits apply to charges, in consequence affect your financial reports.