Entering and Posting Homeowner Charges
Entering and Posting Homeowner Charges
Entering Manual Charges
Manual charges are considered one-time charges that are posted to an individual homeowner’s account. They may include legal fees, pool keys, NSF fees, etc.
To enter a manual charge:
Select Homeowners > Transaction History. If you are using universal navigation, click Residents > Residents > Transaction History.
Search for and select the desired association and Homeowner.
Once the ledger is displayed, click New to open the Post Transaction screen.
Enter the following information, then click Save.
Assessment: Select the assessment from the dropdown. Defaults to automatic distribution; user must change to specific assessment. Dropdown list is populated from the System Assessment screen and will show only assessments linked to the association GL.
Type: Select the Transaction Type (Charge). Use Payment Adjustment only if notified that the Fed made an adjustment. Do not use the combination of Assessment = Prepaid and Type = Charge.
Apply To: Select the Assessment Level to which the charge should be applied. All by Level is the default for an assessment charge; CINC recommends careful selection of this field:
If the charge is for a late fee, select Delinquent Fee.
For interest, select Delinquent Interest.
To assess a late fee on the specific assessment, select the appropriate. assessment and apply to Delinquent Fee (Late Interest is handled the same).
This will correctly apply the late fee or late interest income to appropriate income GL.
Keep Credit
Year: Enter the fiscal year that the charge should be applied to. You can leave as Auto unless posting an adjustment to a different fiscal year.
Description: Enter a description for the transaction (optional). CINC recommends using this any time additional information would be useful when viewing the account at a later time. Include: Return check numbers and reason, Fee removal approval (e.g., by Board of Directors).
Date: Enter the date to be recorded on homeowner ledger. Ensure date matches bank activity dates if transaction was recorded at bank level.
Batch: Click on the Search icon, then click New to open and select a new batch. Best practice is to create a new batch each time because batches must be unique in their purpose (charge, payment, etc.).
Amount: Enter the amount of the charge.
Ref #
NOTE: If the association operates in an accrual accounting mode, general ledger entries will be made in the accounts receivable and income accounts once the batch is posted.
Posting Manual Charges
Once a manual charge is linked to a homeowner’s account, the batch must then be posted. This will create entries on the general ledger.
To post a manual charge/batch:
Select Homeowners > Batch Posting. If you are using universal navigation, click Accounting > Daily > Batch Posting.
Select Manual Posting from the Batch Type dropdown.
Click on the batch number to generate the Batch Audit Report. The report can be found in left-side navigation menu under Recent Reports.
Open and review the report for accuracy before posting. If there is an error in the report, assign the batch to a user by selecting the checkbox next to the date of the batch. Choose a username from Assigned dropdown on the Batch Posting screen.
Click Save.
Go to the homeowner’s ledger with the incorrect transaction and click on transaction date to make changes or delete the entry. Bank and GL transactions will be entered for the Close Date that is selected. The Close Date field will default to today’s date; however, the date must be changed to match the transaction date in the batch.
Once all changes have been made, select the checkbox next to the batch to post and click Post.
Click OK to confirm.