Property management has a monthly cycle: there are a number of tasks that are performed once a month, and doing them in the right sequence is important.
The following is a suggested order:
Run monthly posting to create charges.
Enter tenant payments (receipts).
Post late fees.
Enter bills from vendors (payables).
Make payments to vendors.
Calculate management fees and then pay them to the property management company.
Run the Pay Owner function after all the income has been recorded and all the bills have been paid.
Generate the required reports.
Close the current month (the accounting period).
Reconcile the bank account when the bank statement becomes available.
Three of the tasks can be automated: monthly posting, late fees, and closing the current month. For more information, see What are automated tasks?
Articles for Monthly Tasks
Monthly posting: How do I post monthly charges for tenants?
Enter tenant payments: How do I receive a tenant payment?
Post late fees: How do I post late fees?
Enter bills: How do I enter a payable?
Pay invoices: How do I make payments to vendors?
Pay management fees: How do I pay management fees?
Run pay owner: How do I make an owner distribution?
Generate reports: How do I set up monthly reports?
Close current accounting period: How do I close the current accounting month?
Reconcile bank: How do I reconcile my bank statement?