Reports / Owner Reports / Print Owner Statements :
You may print owner statements as often as needed. The idea is, you print the statements, review them, correct them and print them again (hopefully for the last time). Once the statements are good (or at least many of them, only a few are wrong), you will use Finalize Owner Statements and Print Checks. This print process sets up a "batch" that the finalize process uses. On your final print, print 2 copies (one to mail and one to file).
Reports / Owner Reports / Finalize Owner Statements and Print Checks:
This process "closes out" the statements that were last printed (the batch created by print owner statements). The Finalize Statements and Print Checks option on the Owner Reports Menu should not be run until the statements that were last printed are correct. It only deals with the last statements printed! Give it the correct starting check number. If you have one or a few statements that you DO NOT want to finalize (something is wrong with them), you can enter them in the exclude units list (you are prompted to enter any units to not finalize). This process "earns" the reservation money to the General Ledger. It disburses the money from Advanced Reservations (via a debit to GL account 200) to the (via credits) income and payable accounts (i.e. commission 302, owner liability 210, tax collected is posted to the owner 210, etc...). The Finalize process Prints the checks, adds to the 1099 information, adds to the unit to date totals information, archives the reservations and owner transactions. IF THIS PROCESS FAILS (the power goes off), DO NOT RESTART THE PROCESS. USE RECOVER FROM FINALIZE (this will undo the finalize process, all checks printed will be voided). The recover process will put you back to where you were before the finalize process began, you would then finalize again - it is not required that you reprint the owner statements after you recover from a finalize.
Accounting / General Ledger Menu / Trial Balance
The Trial Balance option located on the General Ledger Menu should be printed for all accounts for the entire month including detail transactions. This will become your audit trail for the month’s work.
Print a detail or Balance Report to determine "take", make journal entry (JE) to post take (dated in current month). Use the report to reconcile your bank statement (write up a reconcile report). You may need to make a journal entry (JE) to post bank interest/charges to system. You should reconcile cash account to "why" you have the money - reasons why include Advanced Reservations (200), Refunds Payable (205).
Accounting / General Ledger Menu / Post Transactions:
The Post Transactions option on the General Ledger Menu will post the detail transactions to the chart of accounts updating the account balances. You should have a good copy of the months Trial Balance before choosing this option. This option will also archive or delete the transactions, depending on the Control File setting. Post Transactions adds GL transaction detail to the balance forward of the account and moves the transaction to the archive files. First date is first day of month you are closing (usually the month before the month you are in); last date is last date of month you are closing.
Accounting / General Ledger Menu / Income Statement:
The Income Statement option on the General Ledger Menu should be printed for the current month. Print it with desired options. Keep a copy in your month-end paperwork
Accounting / General Ledger Menu / Balance Sheet:
Print with desired options. Keep copy in month end paperwork. The Balance Sheet option on the General Ledger Menu should be printed for the year.
Accounting / General Ledger Menu / Close Accounting Period:
If the Trial Balance, Income Statement and Balance Sheet are OK, close the period. If not, do the entries that are needed. Then reprint the trial balance, post the entries, reprint IS and BS and then run this close Accounting Period. The Close Accounting Period on the General Ledger Menu will roll the current earnings for the month, shown on the Income Statement, to the current earnings account and close the current month. Special attention should be given to this option when the screen displays that the year will be closed. Be sure you have entered all adjusting entries for the year before proceeding with a year-end close.
Reports Menu / Management Reports / Print Tax Report:
Print the monthly sales tax report. This option is located on the Management Reports Menu. This report must be printed after statements have been printed and prior to running the Finalize Statements and Print Checks option on the Owner Reports Menu.