Dedicated to Trust Accounting Users
After finalizing the Trust Account Register and monthly owner statements, access the End of Month PMC Report.
This report provides a breakdown of commissions, margins, and any funds due to you as the PMC for transfer from the Trust Account to your Operations account.
You can view the report in two ways: a summary view and a detailed view. The detailed view provides a comprehensive breakdown of each transaction along with their totals.
The report will show the total amount to be transferred from the Trust Account to your Operations account, known as the 'Management Payout' amount.
Where To Go
To access the report, go to:
Trust Accounting
Bookkeeping Reports > End of Month PMC Payout Report
Generating the Report
Choose the date range or select the most recently finalized month.
Select either the Summary view or Detailed view. The detailed view provides a comprehensive breakdown of each transaction along with their totals.
Click 'View Report' and the system will load the results
Funds designated for the PMC will be visible on this report once the related transactions have been applied to the Owner Accounts. For instance, rental commissions will not show on this report until the owner's rental income has been credited.
Management Payout
After following the steps mentioned above, the report will indicate the total amount that needs to be transferred from the Trust Account to your Operations account, referred to as the 'Management Payout' amount.
To complete the actual transfer, navigate to your external banking system or portal.
After the transfer is successfully done, click on 'Pay' to update the Trust Account Register with the Management Payout. Therefore, the Trust Account Register should match to your current bank balance.
