Propertyware Knowledge Base

The Accounting Close Date permits the Administrator of your account to close the books for a portfolio as of a designated date. Setting an Accounting Close Date will prohibit any users from entering a new transaction for the designated portfolio that is dated on or before the accounting close date.

The Accounting Close Date is particularly useful to accomplish the following:

• Prohibit users from recording income or expenses with a date on or prior to the Accounting Close Date.
  
  
• Maintain global control over items entered into Propertyware and avoid undesired transactions from being entered into a period where the books have been closed and reconciled.
  
  
• Eliminate discrepancies resulting from recording retroactively dated transactions once after an owner's statement is generated.
  
  
• If you sync your Propertyware data with QuickBooks, to preserve the integrity of any reconciliation between your bank statements and QuickBooks company file performed through the Accounting Close Date.

Setting an Accounting Close Date on a Single Portfolio

Your Administrator may set an Accounting Close Date individually on each portfolio as follows:

1. Click the Properties Tab from any page of the application.
2. Select the Portfolio for which you wish to set an Accounting Close Date from the Property Navigator menu on the left sidebar of the page. Use the "View By" Filter to refine the Property Navigator menu by Portfolio. The menu will then refresh to display your Portfolios, each identifiable by name and a yellow portfolio icon within a shaded gray row.
3. From the Portfolio Summary Page, click the Edit button.
4. Using the calendar icon, select the appropriate date in the Accounting Close Date field.
5. Click the Save button.

Setting an Accounting Close Date on Multiple Portfolios

Your Administrator may set an Accounting Close Date on multiple Portfolios as follows:

1. Click the Properties Tab from any page of the application.
2. From the Related Activities menu on the left sidebar of the page, just below the Property Navigator, click the Close Accounting Periods link.
3. The Close Accounting Periods Page will appear.
4. Enter the dates for each Portfolio, and then click the Assign button. The assigned Accounting Close Dates will then display on each Portfolio's Summary Page.

Removing the Accounting Close Date

1. Locating the Portfolio Summary Page for the applicable Portfolio, clicking Edit, removing the Accounting Close Date, and clicking Save.
2. Choosing Close Accounting Periods from the Related Activities Menu, removing the Accounting Close Date for the applicable Portfolios, and clicking Assign.

Useful Tips

• Users within your account will be unable to record or edit income and expense transactions on the actual Accounting Close Date or after such date, if retroactively dated (on or before the Accounting Close Date.) Your Administrator should make sure all necessary transactions have been recorded and that owner's statements are both generated and verified before closing the Accounting Period.
  
• It is best practice to set the Accounting Close Date retroactively (i.e., set today with yesterday's date) so that your team will not be prevented from recording income and expense transactions for the present day.
  
• To create, modify or delete a transaction in a closed period, only an Administrator can modify the Accounting Close Date for the applicable Portfolio. This option will be disabled for non-administrative users.