It is standard accounting practice to finalize Owner Account transactions and balances. Statements must be finalized to email the owner and publish them to the Owner Portal.

When a statement is finalized, it cannot be modified and all remaining balances of the finalized statement (as well as any changes that need to be made) are carried over to the next month.

With Trust Accounting, upon finalizing a month, both the owner and trust account will be finalized. As mentioned above, no changes can be made from this point on.

Overview

To finalize the month, go to:

  1. Trust Accounting
  2. Finalize Owner Statements

Please keep in mind, the 'Finalize Owner Statements' option on the menu will be grayed out until all steps above on the menu are marked as complete. If a step does not apply, simply mark it as complete by clicking the red circle.

To finalize both the owner and trust account, specify the month & year and then click 'Set Month End.'

Please bear in mind, if there are any remaining pending transactions that have not been processed due to insufficient owner funds, they will be rolled over to the next months and can be processed when the owner has sufficient funds. A warning message will appear to notify you if there are any pending transactions:

Click 'Yes' to confirm and then 'Yes' again on the confirmation pop-up to finalize the month:

Please keep in mind, that after finalizing the month, it is final and cannot be undone. Once finalized, transactions cannot be added, edited or deleted from the Owner's or Trust Account. If a mistake was made, it can be reconciled on the next open statement by either applying a credit or debit to the owner.

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