<< Click to Display Table of Contents >> Navigation: CLASS FIVE: General Ledger > EOM Closing > EOM Checklist and Best Practices |
Checklist:
Confirm the actual calendar day is in the new month.
|
Post lockbox files or payments that need to be reflected in the prior month.
|
Post miscellaneous charges or credits that need to be recognized in the prior month.
|
Process late fees/delinquency for the month that the property has as the Current Period, before closing it. |
Best Practices:
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.
|
Avoid leaving open adjustments pending to be posted overnight, post them or delete them by the end of the business day
|
Schedule the Apply Application task to in Queue Management to run Daily between 10:00 pm and 5:00 am.
|
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.
|
After closing a property, notify all employees to close/re-open VMS in order for their computer to recognize the new Current Period.
|
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.
|