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August 2016 Bulletin

***Webinar***
August 23, 4pm Eastern

Invoices - Entering and Paying
Click HERE to Register
Version 12 Production: Release 2016.3 Build 22 - Everyone should be on this version. For a complete list of new features please read the Release Notes.
Version 12 Beta Release: Release 2016.4 Beta 15 - Anyone wanting to take advantage of the Beta features can download this.  See the Release Notes on the download page for details of the new features.
Version 6 Production: Release 2016.1 Build 1 -  We recommend that everyone still using version 6 update to this version and then convert to Version 12.. Version 6 will not be updated for tax filing. Click HERE to get the Version 12 conversion instructions.

No Void
It makes sense to limit the number of users who are capable of voiding transactions. The easiest way to do so is to use a switch. In System Security, Users tab, edit the User profile. In the Comments field type /novoid and save.  That user will then not be able to void transactions.
Backing Up
Every day a backup is created when the first person logs on to the program. It is put into the Backups folder that resides in the Working folder (usually RPROMAS). The path to the Working folder can be found in Help, About. This folder should be backed up daily to a location other than the physical device where it is located. This could be an external hard drive, flash drive, DVD, another computer, cloud location – or on multiple ones.

This backup has all the database files necessary to restore all the transactions and profile information. The prompt when doing a backup states “Create a backup of essential files”.

What else is there in addition to the essential files?
  • Documents folder – located in the data folder. These are the documents you have attached to the owner, property, unit, tenant, or vendor profiles. The path to the data folder can be found in Help, About.
  • License folder – located in the Working folder. It contains registration information, user logon information, access groups and license information.
  • Pre-purged databases – These are in the Working folder.
  • Upload folder - located in the Data folder. It contains all the documents waiting to be uploaded to PROMAS Central plus the log files from previous uploads.
For the most complete backup and the easiest to recover with you should backup the Working folder. Because of the potential size, a third party after hours backup to the cloud or to an external hard drive is most workable.
                    

 
Helpful Hints

Q. We have a unit we manage but do not charge any fee. The Management Fee field in the unit is mandatory. What do we do?
A. Create a management fee profile called “No Fee” and leave all the % and amount fields blank. If the late fees go to the owner, enter 100 in the Owner Percentage of Late Fees box. If NSF fees go to the owner, mark the checkbox. Assign that to the unit. 

Q. How can we print the profile notes?
A. Go to Reports, Tickler reports. Highlight Tickler (by Profile) and click the Options button. Change the Event Activity from All to Notes. Save, then run the report.

Q. We would like to have the memo on the owner ledger reflect prior month’s rent being paid. Is there a way to do that?
A. On the Tenant Receipt screen, double click on the Comments label. It will put the month and year of the oldest rent being paid into the Memo field.


Q. All invoices for an owner are being skipped. He has enough money to pay some of the invoices. Why aren’t some of them being paid?
A. Invoices are paid off by priority. If paying the highest priority would take the owner below his Base Reserve then all are skipped. If all invoices are the same priority it will pay as many as possible down to the Base Reserve.

Q. Can we send a third party (tax advisor or someone who is not an owner) a copy of the monthly statement?
A. It is easy to do if the unit is owned by a property ledger (vs an owner). Setup the third party as an owner – unmark Send 1099. In the property profile, add that owner with 0 shares and select a statement style. That person can create an owner account in PROMAS Central like any real owner, or just be included in the emails from Internet Publishing.
How Much to Pay Yourself
To determine how much to pay the company each month, go to Reports, Management Reports. Enter the date range you wish to consider and compile. The report gives a beginning balance, then lists all the income and expense (management fees, NSF fees, late fees, leasing fees, etc.), then an ending balance.  The maximum you can write a check for is the ending balance. Ideally you would leave a small amount for NSF checks that would take away management fees, bank charges, etc. A number of states have a maximum amount you can leave in the bank. Look in Help under your state to see if we have that infomration or check with your state real estate commission.

Request an Audit Review
A service performed by our experienced sup­port staff. We will review your records and analyze your setup. You will receive a full report of our findings and recommendations.
Cost is $275 - based on one posting table.

New Service
PROMAS support is now offering bank reconciliation services. A clean, correctly done bank statement reconciliation is one of the prime factors in the ability to pass a state audit with flying colors. It is also the best way to prevent employee theft, fraud or errors.The first step in the process  will be having us do an audit review (see above - $275). Based on the findings we will provide a quote for doing the monthly bank reconciliations.
Print and Post
If you want to ensure that when a tenant receipt is printed it will be posted at the same time, use the switch /printandpost. Go to Setup, Processing Defaults, Options tab. In the Customized Programming Options field type /printandpost.  In the AR, Tenant Receipt function, when a receipt is printed, it will print the receipt, post the payment and bring up the Tenant Receipt screen so another receipt can be entered.
Copyright © 2016 The Promas Landlord Software Center, All rights reserved.


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