Escapia VRS. Month End Close and Audit Procedures

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1 Escapia VRS Month End Close and Audit Procedures

2 Month end close and audit procedures: 1. Review Bank Deposits program ACCOUNTING> BANKING> RECONCILE BANK ACCOUNT Make sure there are no un-deposited checks or cash for the period (or prior) when you click on the +Add Payments button on the +New Bank Deposit screen. Compare Deposits to your bank deposit receipt book. Transaction history (from beginning of time through period ending date) for G/L 1000 should be zero. 2. Review the Credit Card Settlements program ACCOUNTING> BANKING> CREDIT CARD SETTLEMENTS Make sure there are no unsettled batches for the current period. It s always a good idea to check the prior month as well for unprocessed settlement batches. Select the Default in the Merchant Account field and then click followed by + Add Transactions in a + New Credit Card Settlement Step 1 window. Make sure there are no outstanding manual credit card transactions that are not included in existing batches. Transaction history (from beginning of time through period ending date) for G/L 1100 should be zero. 3. (Optional) Run Security Deposit Refund and Late Deposits Reports through statement period end date ACCOUNTING> REPORTS> ACCOUNTS PAYABLE> SECURITY DEPOSIT REFUND REPORT and ACCOUNTING> REPORTS> ACCOUNTS RECEIVABLE> LATE DEPOSITS There should be no unidentified transactions on either of these reports. Keep notes on items which appear on the report. 4. Review Reservation Grid for payments RESERVATIONS> RESERVATION GRID All reservations for closing period should be Green. No Reds. May have Yellows on long term or seasonal rentals, but this should be reviewed for current payments. Periodically check prior months, just in case. 5. Process Booking Revenue ACCOUNTING> PROCESS BOOKING REVENUE Set Period Start and Period End dates for closing period (usually first day of month to last day of month or departure day, depending on your default processing method). Review all available Processing Methods from Processing Method dropdown list. Your goal should be to end up with no results for all methods. This means you should include owner stays, comps, and cancellations even though no funds actually process. Note that you can override the processing date on specific bookings (place a check mark next to the box that says Set a manual processing date ). This might be used to Procedures 2

3 process a prior period booking which did not process in the period and have it post in the current period. This will keep owner statements consistent from month to month. 6. Check Manages Batches screen for error messages ACCOUNTING> MANAGE BATCHES Make sure previous errors for this and prior periods have been corrected. 7. Check internal processes to make sure all un-posted invoices have been entered in Escapia via Enter Bills, Service Orders, and/or General Journal Entries This should be your own filing system outside of Escapia. You may have a unposted payments folders or some other tickler method to ensure all owners have been billed for services incurred in the current or prior periods. 8. Review Service Order Processing ACCOUNTING> PROCESS SERVICE ORDERS Process all service order costs which should appear on current month owner statements. Check the Manage Batches screen (ACCOUNTING> MANAGE BATCHES) for service order error messages. Make sure previous errors for this and prior periods have been corrected. 9. Review Recurring Charge Templates ACCOUNTING> SETUP> RECURRING CHARGE TEMPLATES Check Last Posting date and Next Posting date for all active templates. If possible, review the Charge History tab of the Recurring Charge Template and spot-check charges for the current period. You may find some charges that should have been removed for specific units or you may find missing charges. Use the delete or reverse options to remove unwanted charges. Use General Journal entries to post missing charges. 10. Run and Review AP Due Report ACCOUNTING> REPORTS> ACCOUNTS PAYABLE> Ensure all outstanding invoices have been posted in Escapia prior to running preliminary owner statements. Spot check for errors in subledgers and amounts. 11. Run Pay Open Items ACCOUNTING> ACCOUNTS PAYABLE> PAY OPEN ITEMS Choose appropriate selection date (items posted as of date or items due as of). This date should not be later than closing date. Ensure that you understand the purpose of the only pay up to owner balances check box and checks as appropriate (note: having this box checked will help prevent commingling of trust account funds). The Posting Date will determine the check date. Note that it is recommended that you use the Pay Everything Procedures 3

4 option for Property Manager payouts (having ensured that the selection date is set to the month end close date or earlier). Compare payment totals to AP Due Report totals from the previous step, and make any necessary adjustments. Select the desired vendors/transactions to be paid. Review all dates selected and appropriate bank account and click Generate Payments Button. 12. Review for Payment Batch Error Messages Make corrections where necessary. 13. Print Property Manager and Vendor Checks. ACCOUNTING> BANKING> PRINT CHECKS 14. Run Business OIAP Check Distribution Report ACCOUNTING> REPORTS> BUSINESS OIAP CHECK DISTRIBUTION Export Business OIAP Check Distribution Report to Excel and submit with check to Operating Account bookkeeper. 15. Print Preliminary Owner Statements ACCOUNTING> STATEMENTS> GENERATE OWNER STATEMENTS Review each statement for accuracy. Make appropriate adjustments. 16. Run Pay Owners ACCOUNTING> ACCOUNTS PAYABLE> PAY OWNERS Be sure Pay Owners Processing Date and Billing Dates match your Owner Statement Ending Date, then click the Search button. Compare Owner Statement Amount Due to Owner Balance column in Pay Owners the two amounts should match. Make any necessary corrections to owner ledgers. Select and pay owners. Note, the Posting Date in this program will determine the check date. 17. Print Checks for Owners or Process ACH Files ACCOUNTING> BANKING> PRINT CHECKS 18. Run Final Owner Statements ACCOUNTING> STATEMENTS> GENERATE OWNER STATEMENTS Save, , publish, and Mark as Reconciled where appropriate. 19. Review Manage Owner Statements ACCOUNTING> STATEMENTS> MANAGE OWNER STATEMENTS Verify owner statement flags, stuff in envelopes with checks. Confirm ACH files processed. Procedures 4

5 20. Run Tax Audits for the appropriate tax period and use Enter Bills to offset the tax accounts (2500, 2501, 2502, 2503) ACCOUNTING> REPORTS> TAX AUDIT REPORT Enter appropriate tax credits vie General Journal Entries (GJEs). Note that this may be a mid-month process. Note2 : this process may vary depending on whether tax GL accounts are General type or Vendor type accounts. If tax GL accounts are general type accounts you should use Enter Bills or GJEs to offset the GL account against a tax vendor account to generate payouts. 21. Bank Reconciliation ACCOUNTING> BANKING> RECONCILE BANK ACCOUNT Usually done mid-month as soon as possible after statement has been received. Use the bank reconciliation program to verify that the Escapia trust bank account balance ties to an outside source your monthly bank statement. Reports and audits Save aptly named electronic copies to disk set up a set of folders for accounting periods and back this up Audit Trails Reports> Banking Menu 1. Trust Reconciliation Report: This report should be run for the accounting period. Check the bottom of the report for out of balance notice. Individual subledger balances should be checked for reasonableness. Enter month end G/L account totals into spreadsheet used to post balance sheet entries to operating account (as defined by CPA). Save the spreadsheet to audit folders as well as hard copy. 2. Bank Register: Provides running trust account balance in chronological sequence. Lists individual bank deposits and checks. Compare last month report s ending balance to current month beginning balance. (You may want to set up spreadsheet schedules for these month to month comparisons). 3. Credit Card Transaction Detail: Can be exported to Excel 1 line to sort by CC type. 4. Deposit Detail Report: Provides daily deposit and credit card settlement details. 5. Bank Reconciliation Worksheet: Run after monthly bank reconciliation has been completed. This report provides the details for 10 of the 11 elements on a bank reconciliation Beginning Balance, Deposits, Disbursements, Book Adjustments, Reconciled Deposits, Reconciled Checks, Reconciled Adjustments, Deposits in Transit, Outstanding Checks, Outstanding Bank Procedures 5

6 Adjustments. Saving this worksheet can help you determine if changes have been made to your bank account to prior accounting periods. Reports> Accounts Payable Menu 1. A/P Payments (Check Register): Lists individual checks in date/check number sequence. 2. Business OIAP Check Distribution Report: Lists the accounting distributions for each payment made from the trust bank account to the property management company. Use this report to provide Operating Account posting details. 3. Generate Bills Detail Report (for Legacy (non-oiap) users only): Provides details behind the Generate Bills program. Reports> Accounts Receivable Menu 1. Payments Audit: Provides details on original posting of funds to G/L accounts 1000, 1100, and Reports> Owners Menu 1. Owner Balance: One line per owner at period ending date. 2. Owner Ledger: Provides transaction details for monthly owner transactions. 3. Owner Unpaid Bills Report: When used in conjunction with the Owner Ledger Report, this report adds back vendor unpaid bills to the Owner Ledger. This report provides a means of proving that trust bank account commingling has not occurred for specific owner ledgers. Reservation Activity Reports (choose best report according to your preference) 1. Booking Summary Report (Reservations Report Menu): Provides booking totals on a booking by booking basis. Has various sort and filter options. 2. Reservation Activity Report (Accounting Reports Menu): This report lists bookings grouped by reservationist. Can be used for reservationist commission calculations. Has various sort and filter options. 3. Various reports for determining Booking Charges, Folio Balances, Management Fees, and Owner booking charges: You should review these reports to determine if any provide audit details that you need to retain. They are more often useful as management reports. Procedures 6

7 Reports> Tax Menu 1. Tax Audit Report: Ties to 2500.xxxx G/L accounts. Can be sorted in various ways. Ties to reservations but does not provide occupancy details. 2. Booking Tax Report: Ties to Booking details. Provides occupancy details. Excel version may be used to include or exclude bookings in the appropriate accounting period. 3. Various optional reports to provide back-up details on occupancy tax returns. Reports> Transactions Menu 1. Transaction by Account Report: Lists transaction detail by G/L accounts. Note that this report does not provide monthly beginning balances MTD totals only. Reports> General Ledger 1. General Ledger Report: Lists transaction detail by G/L accounts. This report does provide Period Beginning Balances, MTD totals, and Period Ending Balances. This report may be used to enter balance sheet entries on CPA provided working spreadsheet. Reports> Trial Balance Menu 1. Summary Trust Reconciliation Report: Provides similar information to the Trust Reconciliation Report but in a summarized format that is better formatted for comparing Subledger Entity Totals to Bank totals. You can substitute this report for the Trust Reconciliation Report. 2. Separate Beneficiary Report: Provides the detailed transactions for each subledger. This report is often required by auditors to prove trust to bank reconciliations. 3. Business Summary Trial Balance: Provides a summary trial balance for all Property Management GL transactions. There are two reports in this category a monthly report and a drill down report for all accounting periods. The Monthly By Year report option is recommended since it provides valuable month to month comparisons in a summarized format. This report provides an accrual basis report for all Property Management GL accounts. 4. GL Summary Trial Balance: Provides a summary trial balance for all GL transactions. There are two reports in this category a monthly report and a drill down report for all accounting periods. The Monthly By Year report Procedures 7

8 option is recommended since it provides valuable month to month comparisons in a summarized format. This report provides an accrual basis report for all Escapia GL accounts. 5. GL Detail Trial Balance: There are two reports Monthly and YTD. The YTD report provides a beginning balance for each GL Account as of the Report Start Date. The MTD report doesn t provide a beginning balance for each GL Account. These reports may replace the Transaction By Account Report or the General Ledger Report as monthly audit trails. 6. Management Reports: Other reports not listed above should be considered management reports and should be run on an as needed basis. Copyright 2012-Present HomeAway Software for Professionals. All rights reserved. Procedures 8

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