Finalizing the monthly statements before sending them to the owner and publishing them to the Owner Portal helps ensure accuracy and consistency in financial reporting. By closing out the month and processing all proceeds to the owner, you establish a clear cutoff point for that accounting period. Finalizing a statement means that it is considered complete and accurate for that particular month and can no longer be modified. This provides a reliable snapshot of the property's financial status at the end of the month. Copies of the finalized statement can then be distributed to the owners for their records and reference.

Any remaining balances from the finalized statement, as well as any necessary adjustments, are carried over to the next month's statement. This ensures that the ongoing financial transactions and changes are accurately reflected in the subsequent accounting period.

But what if you spot a mistake? Don't worry, you can apply a credit or a debit transaction on the next open statement and notify the owner that it will be corrected on their next statement.

If a mistake is identified on a finalized statement, such as a missed bill payment or an incorrect expense amount, it can be corrected by applying a credit or debit to the next open statement. To make the correction, follow these steps:

Click the 'Add+' icon to add a new transaction. Enter the details of the correction, including the type of transaction (credit or debit), the amount, and a brief description of the correction.

By adding the correction as a new transaction on the next open statement, you can rectify the error and ensure that the owner has received the correct amount of funds.