Setting Up Beginning Homeowner Balance
Setting Up Beginning Homeowner Balance
When a new association is acquired, the beginning balances for each homeowner must be entered. There are two options that can be used for entering these balances. There are usually a small number of homeowners with credit balances and a larger number with balances owed. For this reason, CINC recommends entering homeowners with a credit balance by following the steps below, and homeowners with a balance owed by data import (see Data Import).
NOTE: Any type of balance may be entered.
Select Homeowners > Homeowners. If you are using universal navigation, click Residents > Residents > Resident List.
Select the new association from the dropdown.
Click the Beginning Balances tab. This screen shows all homeowners by default.
Select a homeowner or search for a homeowner on the Homeowner Beginning Balance screen and click Refresh.
In the Assessment dropdown, select Prepaid.
In the Apply to dropdown, select Regular.
Enter the transaction date manually or by clicking the calendar button.
NOTE: Use the date of the ending balance from the prior system or from the previous management company. This is usually the last day of the month before the intended live date for the association in CINC Accounting.
Click the Plus button to open a new batch.
Enter the beginning balance for the assessment in the Beginning Balance column to the right for the homeowner.
NOTE: Since these are credit balances being assigned to the prepaid assessment, the balance should be entered as a negative number. For example, if the credit balance is $100, enter -100.00 in the Balance field.
Repeat Steps 4-6 for all homeowners that have a credit balance, then click Post. A message will appear stating the number of transactions entered into the batch.
NOTE: The batch must then be posted for the balances to appear on the homeowners’ accounts (see Batch Posting Overview).
Click Cancel to close the screen.