Entering Homeowner Beginning Balances
Entering Homeowner Beginning Balances
Homeowner beginning balances may be entered manually or via an import.
Importing Homeowner Beginning Balances
To import homeowner beginning balances:
Select Tools > Data Import. If you are using universal navigation, click Settings > General > Data Import.
Select the Data Type as Homeowner Charges/Payments.
Download the Excel import template and open the spreadsheet.
Enter the following information into the spreadsheet and click Save:
Association Code
Homeowner Account Number
Transaction Date: Enter the month-end date for the month prior to go-live. For example, if the live date for the association is January 1, 2021, the Beginning Balance Date would be December 31, 2020, unless balances are being aged for collections purposes.
Assessment Description: Must be an exact match to the assessments listed on the System > Assessments screen. Credit balances should be entered with an Assessment Type of Prepaid. If you are using universal navigation, click Accounting > Settings > Assessments.
Transaction Type: Enter C for Charge if the homeowner has a balance owed. Enter a P for Payment if the homeowner has a credit balance.
Payment Type: Leave blank.
Apply To: R for Regular, CF for Collection Fee, DF for Delinquent Fee, DI for Delinquent Interest, or EF for Extra Fee.
NOTE: Delinquent Fees/Interest, Collections/Extra Fees should be applied against the Assessment Type that the fee was charged to (e.g., Homeowner: Assessment, DF, etc.).
Keep Credit Balance: Set to zero (0) as the default or leave blank.
Amount: Enter the amount of the balance owed or credit balance.
Reference/Check Number: Leave blank.
Description: Enter a description for the balance. If no description is entered, the system will default to Balance Forward.
Fiscal Year: Enter the fiscal year for the balances, based on the fiscal year for the association.
On the Data Import screen, select the Data Type of Homeowner Charges/Payments.
Select Beginning Balance (no GL will be created) from the Batch Type dropdown.
Browse to and select the saved spreadsheet and click Import.
Once the beginning balances have been imported, a beginning balance batch will appear on the Homeowners > Batch Posting screen. Verify the batch and post it with a close date that matches the transaction date on the spreadsheet. If you are using universal navigation, click Accounting > Daily > Batch Posting.
Manually Entering Homeowner Beginning Balances
NOTE: Prepaid balances should be entered as Prepaid in the Assessment field, Regular in the Apply To field, and with a negative Beginning Balance amount.
To manually enter homeowner beginning balances:
Select Homeowners > Homeowners. If you are using universal navigation, click Residents > Residents > Resident List.
Search for and select the desired association.
Click on the Beginning Balances tab at the bottom of the screen.
Enter a percent sign (%) in the Name Contains search field and click Refresh to display a list of all homeowners, or search for a specific owner.
Select the applicable Assessment type from the dropdown and select the beginning balance Date.
Obtain a new batch number and select the Apply To level for the fee: Regular, Delinquent Fee/Interest, Collection Fee, or Extra Fee.
Select the checkbox next to the applicable homeowner(s) and enter the Beginning Balance for the assessment type selected.
Click Post to add the entry to the batch.
Once all beginning balances have been entered for the association, select Homeowners > Batch Posting. If you are using universal navigation, click Accounting > Daily > Batch Posting.
Click on a Batch No. to run the Batch Audit Report.
Verify that the homeowner balances are correct.
Post the batch with a Close Date that matches the transaction date.
NOTE: Compare the Aging and Prepaid Reports from the prior management company to the reports in CINC Accounting to ensure that the correct amounts have been entered.