Year-End Close: When Does The Accounting Close Date Take Effect?

Are you working diligently on your 2015 taxes? We want to help! The Rent Manager® support team has created a series of articles that feature information, tips, and tricks to help you quickly and easily navigate your end-of-year accounting activities. This post deals with establishing accounting close settings.

When a recurring accounting close date is established within Rent Manager, accounting periods will be locked and users will be unable to add new/change existing transactions in that period once the effective day has been reached. The following instructions share how to establish accounting close settings, as well as a description and example of each scenario.

Default accounting close settings can be established in System Preferences and individual properties can either use this default, or have a different accounting close setting.

To establish a default accounting close:

  1. Go to File > Administration > System Preferences.
  2. Scroll to the Accounting Close group and select Close Date.
  3. Select the setting appropriate for your business (see descriptions and examples below).
  4. Click ApplyOK and respond to any pop-up messages that may appear.

To establish an accounting close for a property:

  1. Go to Rental Info > Properties.
  2. Select the property from the list.
  3. Select the Acct. Close tab.
  4. Select the setting appropriate for the property (see descriptions and examples below).
  5. Click Save and respond to any pop-up messages that may appear.
  6. Repeat steps 2-5 for additional properties.

The following are descriptions and examples of each accounting close setting that can be established for the system or a specific property. Only users with permission to override accounting close date will be able to disregard the settings and add or modify transactions dated in a closed period.

Use system settings

  • This option only displays on the property’s Acct. Close tab.
  • Identifies that this property is using the accounting close settings established in system preferences.

No Close

  • No close setting is established.
  • Users may add new or change existing transactions without a date limitation.

Specific Date

  • Closes and locks down all transactions through a specific date.
  • Users may add new or change existing transactions dated after this date.

For example:12/31/2014

  • All transactions dated 12/31/2014 or before are locked. New transactions must be dated 1/1/2015 or later.

Monthly

  • Closes and locks down all transactions on a monthly basis. Users may add new or change existing transactions for the month up to the effective day.

For example:Closing 31 and Effective 06

  • Through 11:59 pm on the 5th of the month, users may add new or change existing transactions dated in the previous month.
  • At 12:00 am on the 6th, all transactions dated in previous months are locked. New transactions must be dated within or after the current month.

Yearly

  • Closes and locks down all transactions on a yearly basis. Users may add new or change existing transactions for the year up to the effective day.

For example:Closing 12/31 and Effective 2/1

  • Through 11:59 on 1/31 of the year, users may add new or change existing transactions dated in the previous year.
  • At 12:00 am on 2/1, all transactions dated in the previous year are locked. New transactions must be dated within or after the current year.

X days ago

  • Closes and locks down all transactions X days ago. Users may add new or change existing transactions dated X-1 days ago.

For example: days ago

  • Users may add new or change existing transactions dated today and the previous 6 days.

REQUIREMENTS / PERMISSIONS

Go toFile > Administration > Manage Users:

To establish default accounting close:

  • System group: View and Edit Administration items
  • Setup group: Set accounting close date Enabled

To establish an accounting close for a property:

  • Properties group: Enable (check) the appropriate Property
  • Properties/Units Group: View and Edit Properties

Still need help with your issue? Our support specialists are available to assist you from 8:00 am to 7:00 pm EST, Monday through Friday, 800.669.0871 or support@rentmanager.com.