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How to Do End-of-Month (EOM)
How to Do End-of-Month (EOM)

Article provides a detailed process for performing End-of-Month (EOM) procedures in PropertyStack.

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Written by Support Property Stack
Updated over a week ago

Objective


This guide provides a detailed process for performing End-of-Month (EOM) procedures in the Property Stack system. Following these steps will ensure accurate financial reconciliation and proper disbursement of funds.
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​In this Article, You Will Learn How to:

  • Balance three-way reconciliation

  • Adjust holds and confirm payouts

  • Verify and Finalize EOM payments

  • Download and verify the ABA file

Before beginning, please review and complete the steps outlined in the "How to Prepare for EOM" article, which includes essential pre-EOM checklists. Following these steps will ensure accurate financial reconciliation and proper disbursement of funds.

Step 1: Balance Three-Way Reconciliation

  1. Log in to Property Stack and navigate to Trust > Reconciliation.

  2. Check if the three-way reconciliation is balanced. If balanced "Process Funds" button should be visible.

  3. If the three-way balance is not achieved, refer to the "How to Prepare for EOM" article for troubleshooting steps.

  4. Once balanced, toggle the "EOM" switch and click "Process Funds".

Step 2: Review and Adjust Hold Balances

  1. Briefly review the balances for each property account.

  2. If needed, adjust any holds on property accounts by editing the "Withhold" section.

  3. Note: For balances in channels like Booking.com and VRBO, which are marked as "Paid Manually" these amounts will be invoiced later and must be reconciled separately.

  4. After making any necessary adjustments, click "Confirm Payout".

Step 3: Final Review and Confirmation

  1. In the pop-up window, conduct a final review since EOM is irreversible.

  2. Verify the total amount being paid to owners ($899 in this example).

  3. Ensure the total amount matches the ABA file balance.

  4. If desired, toggle "Auto Send Reports" to send reports to owners automatically.

  5. Once all checks are complete, click "Proceed".

Step 4: Process EOM Payments

  1. Wait for the loading screen to complete the EOM processing. Do not exit the screen until it's finished.

Step 5: Download ABA File

  1. After processing, a pop-up with a "Congratulations" message will appear.

  2. Download the ABA file from this screen.

Step 6: Post-EOM Verification

  1. Click "Go Back" and revisit the Reconciliation page to check if the three-way balance is maintained post-EOM.

  2. Verify that the month has rolled over correctly.

Step 7: Cashbook Verification

  1. Navigate to Cash Book and locate the recent payment entry with the description "Account Payout."

  2. Ensure the amount matches the total noted in Step 3. (In our e.g, $899)

  1. Click on the reference number to verify the details of the payout, including the breakdown of payments.

  2. If the ABA file was not downloaded earlier, it can be downloaded from this page.

Example Uses of the Above Steps:

  1. Property Managers: To ensure accurate and timely payment to property owners and contractors.

  2. Accountants: To verify the completeness and accuracy of monthly financial transactions.


Conclusion


This guide has outlined the steps for performing EOM procedures in Property Stack, from balancing accounts to verifying payments and downloading ABA files. Following these steps ensures accurate financial reconciliation and disbursement, providing a clear and concise process for managing monthly financial activities. If any discrepancies arise, or the ABA amount does not match the payout, please contact customer support for assistance.

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