End of month processes
This page will guide you through the processes we recommend you conduct at the end of each month
We suggest you process your end of month in the following order:
- Collect any management fees that are due. This is a two-step process:
- Process a fee schedules run to create invoices for each building that is due to pay management fees
- Process a supplier payment run to pay your fees to your general account
- Generate and upload bank statements for all bank accounts to PropertyIQ
- Perform a bank reconciliation for all bank accounts
- Generate and send any due financial reports to committees/councils
- If applicable, process BAS reports for any GST registered buildings that have BAS reports due
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Step 1 – Process a fee schedules run (3 mins)
How to create invoices for management fees using the fee schedules function.
Heres a link to the Charges page that shows you how to configure fixed and variable charges and create activity log items
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Step 2 – Process a supplier payment run to pay fees to your general account (3 mins)
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Step 3 – Upload bank statements from Active Banking
- Log into Active Banking and download your official bank statements for the month. You can download all statements in one file. PropertyIQ will recognise each bank account and save a separate file for each.
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Step 4 – Complete bank reconciliations for all bank accounts (5 mins)
- We recommend you view the bank reconciliation screen after processing your .txn file each day, check for any discrepancies and rectify them immediately. This will make your monthly bank reconciliation much easier.
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Step 5 – Generate any financial reports due to committees/councils (3.5 mins)
Step 6 – process BAS reports for any GST registered buildings that have BAS reports due.
Click here to access the page about BAS reporting for full details.
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