Finalizing monthly statements is a critical step in maintaining accurate financial records and creating transparency for you and your owners in order to make informed decisions and ultimately build trust and a partnership.
We are not Accounting experts, however, we are partnered with Accounting Firms that highly recommend finalizing monthly statements for the following reasons:
Accuracy and Transparency: Finalizing statements ensures that all financial transactions for the month have been accurately recorded. This transparency builds trust with your owners, as they can see a clear overview of income, expenses, and balances.
Financial Oversight: Finalized statements provide a comprehensive snapshot of the financial health of a property.
Conflict Resolution: Should any discrepancies or issues arise, having finalized statements simplifies the process of resolving disputes or addressing questions from owners.
Planning and Budgeting: Finalized statements provide the necessary data for creating budgets, setting financial goals, and planning for property improvements or maintenance.
Auditing and Accountability: Finalized statements serve as a basis for audits, both internal and external. They provide a clear record of financial activities, aiding in accountability and compliance checks.
Data Integrity: By completing statements, you ensure that financial data is up-to-date and accurate. This is essential for maintaining the integrity of your financial records.
Finalize a Monthly Period
Accounting
End of Month Process
Finalize Owner Statements
Specify Period
Select to finalize all units in one batch or the individual unit
Click 'Set Month End'
Once a statement is finalized, it becomes unchangeable, and any remaining balances from the finalized statement, along with required adjustments, are automatically transferred to the following month.