End of month does not need to be a task you spend the rest of the month dreading. There is a simple remedy to ensure EOM is a seamless and stress-free experience.
We understand that everyone is busy, however it can be as undemanding as simply devoting a few minutes every day to prepare for your months end.
Once you have completed your daily banking, take an extra 5 minutes to get a 3 way balance. To do this, enter your closing bank balance, generate your money in transit, go to all payments and and mark any money leaving the bank account, then generate your payments. In a perfect world you should get a 3 way balance.
If you can’t balance find the error immediately. It is much easer to find the difference in 1 day’s work than having to look through a whole month
If you can’t fix the problem, contact HiRUM for assistance. Support is busier at the EOM, and you will get a faster resolution if you call with any problems earlier in the month.
Confirm you’re in balance every day & you won’t have any nasty surprises when EOM inevitably comes around.
Allocate some time each week to update Maintenance and general charges to all units. Don’t leave it until EOM hits.
Use the EOM Wizard to add your standard owner charges about a week before end of month. You can then start looking over your unit statements.
Check that there are no duplications of charges, and that there are no spelling mistakes. If you have bookings that had a “lock-off” ensure that the cleaning fees are correct.
Checking the statements at your leisure is more effective than when you are feeling under pressure running the end of month. A perfect statement is more professional and gives your owners less reason to call
Check whether your unit statement balance shows an amount above and an amount below the line (see example above). If it does, you have added a charge and haven’t re-generated the payments to bring the accounts back in line. If you leave this the owner will get paid all the funds and the manager will not get paid. ALWAYS regenerate prior to rolling. (In fact, its a good rule of thumb to regenerate every time you make a change when you are working through your end of month)
Check your Agent Rebate Commission for the month is correct by checking your Agent Rebate Report against the bookings for the same agent on the agents extranet. Please note that HiRUM invoices on check in and Agents may invoice on check out, giving a small variance monthly.
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