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Year End 2020

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AR Year End

Other than updating Charge Tables for the new year, there is no required year-end function that must be performed before going on to the next year. The only exception to this statement is if you elected to use the “Yearly Accounting” option for the owner A/R. If you use “Yearly Accounting” (Setup menu > Owner Date & AR Setup >  Control File > Activate Yearly Accounting checkbox), then you must update the next year in the A/R Control File before proceeding to enter any owner transactions for the new year. That way, the new year will be appended onto every owner transaction so you can easily separate charges and payments by year.


You can "Purge" Owner Payment Histories whenever you want using a "Cut-off Date" you specify. All Owner financial transactions dated prior to the "Cut-off Date" will be summarized into a "Balance Forward" while financial transactions dated after the "Cut-off Date" will be left alone.

You can carry as many years worth of Owner Payment Histories as you wish before performing the "Purge History" function. Generally, most users like to have the past 2 years on-line to be able to answer Owners' inquiries. Having several years worth of Payment Histories on-line does take up more hard disk storage space as well as slow down the preparation of Owner Reports since there are numerous transactions that have to be reviewed for report preparation.

Before performing a "Purge History" there are 2 things you must do. They are:

  • Print "Payment History Report"
  • Make a permanent backup of Community

Print Payment History Report

This is a complete history of all owner transactions starting with the earliest through a cutoff date you specify. You want to print this history if you are purging payment history so you have a permanent, hardcopy record of the history.

Permanent Backup

A backup should be made of this Community's files. This will be a permanent backup that you will keep for at least a few years (IRS requires 7 years for tax purposes). There are several good reasons for this.

  • You might be audited by the IRS
  • You might have a court case involving a delinquent owner
  • You might have to check an old owner balance to answer questions
  • If there is a change in management, you need the history to cover your actions while you managed the community.

Once the "Close & Reset" is performed, you cannot retrieve the Payment History data unless you have a Backup. We cannot stress this enough. It is imperative that you make this backup before proceeding.

 

Previous Owners

The "Close & Reset" program also "purges" Previous Owners from the system if they have a "zero" balance as of the "Cut-off Date" you specify. This helps keep you Owner files from ballooning in size.

 

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From the AR menu, click the Year End menu tab.

When you click the Year End menu tab, you will see the Year End menu
 itself:

Year End Menu

We’ll review each of the available menu options.

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Print History

The "Payment History" gives you a "hard copy" of the Owner's Payment Histories showing all charges and payments. It should be printed using the same date as the "Cut-off Date" you plan to use for the "Close and Reset" of the Owner Payment Histories. It should be kept as a permanent report.

 

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To print an owner payment history report before purging old history records, click the Print History button.

When you click the Print History button you will see these print options:

Print History Options

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The primary options are to select the print order for the report. By default, the preferred access method from the Owner Control File will be the selected print order, but you may change to any of these print orders:

·       Street Address

·       Account Number

·       Lot/Unit Number

·       Owner Last Name

Select the print order that best suits your needs.

Cutoff Date

Enter the Cutoff Date through which you want the owner payment history printed. It will print the history from the earliest transaction date through the cutoff date you enter here. If you are purging the owners payment history, make sure you print the history through the date you will be purging “as of”.

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Click Print to proceed with printing the owner payment history.

 

Click Cancel to exit without printing the owner payment history.

If you clicked the Print button above, you will see the printer selection screen:

Printer Selection

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Make your printer selection for this report.

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Click Print to proceed with printing the owner payment history.

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Click Cancel to exit without printing the owner payment history.

     

 

If you click the Print button, the report will be generated according to the printer selection you made.

 

Purge History

Purging the owner payment history summarizes all owner transactions into one balance forward transaction as of a cutoff date you specify. All Owner financial transactions dated prior to the "Cut-off Date" will be summarized into a "Balance Forward" while financial transactions dated after the "Cut-off Date" will be left alone.

You can carry as many years worth of Owner Payment Histories as you wish before performing the "Purge History" function. Generally, most users like to have the past 2 years on-line to be able to answer Owners' inquiries. Having several years worth of Payment Histories on-line does take up more hard disk storage space as well as slow down the preparation of Owner Reports since there are numerous transactions that have to be reviewed for report preparation.

Before performing a "Close & Reset" there are 2 things you must do. They are:

  • Print "Payment History Report" – do this so you have a permanent record of the owners history before you purge any history.
  • Make a permanent backup of Community – once purged, there is no way to get the history back. You need to make a backup and save it before purging any history.

YOU DO NOT HAVE DO THIS "CLOSING" IN ORDER TO PROCEED INTO THE NEXT YEAR. You may keep as many years of Payment Histories as you wish. You may purge past histories into a "Balance Forward" as of any date you specify.

When you “Purge History” you have two options for how to handle the balance forward summary:

  • Summarize Through Cutoff Date – all owner transactions are condensed down to one Balance Forward transaction “as of” the cutoff date you specify.
  • Preserve Detail From Delinquency Date – owners with a zero balance “as of’ the cutoff date will be summarized into a balance forward. Any owner with a balance due “as of” the cutoff date will have their history preserved back until the date they were last at a zero balance prior to the cutoff date. This is the default option.

A print report will be generated showing the balance forward for each home. This is NOT the same as the detailed Payment History Report. You need to separately print the Payment History report before performing the Purge History.

To purge the owner payment history as of a cutoff date, follow the instructions below.

 

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Click the Purge History to summarize the owner payment history into a balance forward “as of” a cutoff date you specify.

When you click the Purge History button you will see these print options:

Purge History Options

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Warning

Because you are permanently erasing detailed owner history into a balance forward transaction this stop sign warning is letting you know what will happen if you proceed. It also reminds you to have made a permanent backup before proceeding.

Open Cash Receipt Batches

If you have any undeposited owner cash receipt batches, you cannot proceed with the Purge History function. This is because you may have deposit dates or transactions that would be dated PRIOR TO the cutoff date. You must complete the deposit or delete the open cash receipt batches before proceeding.

Cutoff Date

Enter the Cutoff Date through which you want the owner payment history purged. It will summarize the owner history from the earliest transaction date through the cutoff date and create one balance forward transaction unless you elect the “Preserve Detail From Delinquency Date” option below.

Options

Select one of these options for purging owner payment histories:

Summarize Thru Cutoff Date - all owner transactions are condensed down to one Balance Forward transaction “as of” the cutoff date you specify.

Preserve Detail From Delinquency Date - owners with a zero balance “as of’ the cutoff date will be summarized into a balance forward. Any owner with a balance due “as of” the cutoff date will have their history preserved back until the date they were last at a zero balance prior to the cutoff date. This is the default option.

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Click the OK button to proceed with purging the owner payment history.

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Click Cancel to exit without proceeding with purging the owner payment history.

If you click the OK button, you will see the printer selection screen:

Printer Selection

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Make your printer selection for the balance forward summary report.

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Click Print to proceed with purging the owner payment history and printing the balance forward summary report.

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Click Cancel to exit without purging history or printing the report.

     

 

This completes the instructions for Purge History.

It also completes the manual section for A/R Year End closing.

 

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