Mid Month Disbursement - Paying Owners & 3rd parties during the month – HOMHERO

On the day mid-month is conducted

Check that all bookings departing up to the day of disbursement have been departed

In Homhero – Select Reservations + List
Select Advanced Search
Set the search field to Departure
From date = 1st of the current month
To date = today
Status – remove Quote and Unconfirmed
Select the Status column and click on the arrow to put it in alphabetical order. Make sure all bookings have departed.

Run a Debtor’s Ledger to make sure there are no unbalanced bookings as any booking with a balance (credit or debit) will not pay out to the owner. This report should be checked once a week throughout the month as this will limit the amount of work required at mid-month and the end of the month.

In RMS in Menu Search type Debtors Ledger and choose Reports + Debtors Ledger
In Account Classification select Reservations only
In Reservation Status select Departed only
Build

Work through this report going to the reservations and fixing them so that they balance.

Three Way Balance Report

Before proceeding with Mid Month – Do your Three way balance up to the last transaction on your bank statement for the preceding day.

3rd Party Payments

3rd Party suppliers are paid from your Trust Bank Account. NB If there is insufficient income in the Owners Account, the 3rd Party charge cannot be paid and you will need to ensure you Hold Payment back from your Owners to build up funds.

In Menu Search type 3rd party and select Owner Accounting + 3rd Party Payments
If you would like to only pay 3rd party payments from the net amount available use the tick or drop down box - Pay 3rd Parties on Nett Income (this means that any management fees owing to you will be held and not used to pay Owner invoices)
To select all 3rd party payments click the top box (it will only pay out payments where there are sufficient funds) or select individual payments to be paid. Just remember that you can only pay out 3rd party payments once per day because you cannot create more than one EFT file per day.
Yes you are sure
Enter Cheque No if prompted (this is for BPAY payments as you cannot pay out via BPAY). Even if you are not paying any BPAY/fake cheque creditors today, it could still ask you for a cheque number.
Select "Email Statements". You are able to recreate the statements at a later date by pressing the printer icon

Paying Owners at Mid-Month

In Menu search type Pay Individual Owner under Owner Accounting
Select the owner/s you wish to pay or select all
Click on the Pay Column to make this in alphabetical order and make sure that all owners have banking details. If an owner does not have bank details - it will say No banking details. You can click on the link and complete the owner details or you can change the payment to a cheque. If you do not do this you, the payment will not load.
Also click on the Owing to 3rd Party column to put it into numeric order. If there are any invoices that cannot be paid due to insufficient funds then you can change the Amt to Hold and hold the owner's funds. If you do not hold any funds, all the funds will be paid out to the owner. It does not hold the funds for the invoice as it does in other Trust Account systems
Select Prime Amt to Pay Less Holds – if you want to change the amount to pay a specific owner you can do so
Select Pay Owner
Are you sure? Select Yes
If it asks you for a cheque number put in a fake number 999 and proceed.

Payments Issued Report

In Menu search type Payments and choose Reports & Owner accounting and Payments Issued
Select Build
Build and save to end of month folder

This figure should equal the EFT file amount less any cheques. This report should be saved with today’s date in your EOM folder for the month you are currently in.

Create Eft File

In Menu Search type Create EFT and choose Owner Accounting and Create eft file
Make sure the Payment Date highlighted is today’s date
Click on the printer icon and create an EFT report. You should change the name of this document to EFT Report with the date and save in your EOM folder. This should match the EFT amount on your Payments Issued report.
To create the EFT, select all entries by clicking the top box
Click the up arrow and it will ask you if you wish to Proceed. Select Yes
This creates an aba file and stores the file in your Download folder. You should move this to store it in your EOM folder.
Log into your banking software and upload the aba file.

Owners Statements

You can only print an interim statement for owners but you would need to mail it directly from your company email.

In Menu search type owner and choose reports and owner Accounting and Owner Statement
Leave on This Month
Open more options on the right hand side
Select the options that you would normally select for your EOM
Build

You can choose to send these out via Homhero but when you do your EOM statement, this interim statement will be replaced.