Functions of the Cheque Printing Step in REST Professional
The cheque printing step is a multi-functioned step in REST. When you process this step REST will:
- Print cheques for any owners with this payment method
- Charge Postage and Sundries to Owners setup for this charge
- Split owner funds for any split owners setup in REST
As this step is multi functioned, it is important to be very mindful when processing this step as there will be repercussions if you bypass the cheque printing step or if you process the step twice at end of month.
Printing of Owner Cheques
If none of your owners are paid by cheque, this step is still required to be done because of the other functions. You need to ensure you follow the step right through to confirming the cheque number and printing the cheques. It will not allocate a cheque number or print a cheque unless there is owners paid by cheque but will process the other functions.
If you have owners that are paid by cheque, however you hand write the cheques, it is important that you still do the printing of cheque process in REST (on plain paper) as cancelling out of the step and not confirming the cheque number will not process the cheque printing step.
NOTE: It is important that if any issues do occur with the cheque printing process during the end of month wizard that the step is NOT reprocessed. You must restore your data to the backup prior to the cheque printing step. Please contact Rockend to assist you with the restore process.
Charging of Postage and Sundries
You are able to configure your mid month wizard to not charge postage and sundries when you process the cheque printing step. Please see document “Configure the Mid Month Wizard to Not Charge Postage”. Configuring your wizard to not charge will allow you to do the other functions associated with the cheque printing step i.e. splitting owner funds and paying owners by cheque.
If there is some error with the printing owner cheques and you reprocess this step at end of month this will charge your owners duplicate postage and sundries.
In the opposite case scenario, bypassing the cheque printing step will not charge the fee at all.
Split Owner Payments
Rental funds receipted during the month are allocated to the Primary Owner. This sits and accumulates and the splitting of the funds occurs when the cheque printing step is done either at mid month, end of month or as a one off owner payment.
If the cheque printing step is bypassed either doing a one off payment to split owner or at mid month and end of month, all funds will be paid to the Primary owner.
It is also important to bear in mind if for any reason the cheque printing step is done twice, the split owners funds will be split twice also.
Points to Remember
- Never bypass the cheque printing step at end of month
- Never process the cheque printing step twice at end of month. Call Rockend to restore to the backup prior to the cheque printing step
- When Paying out Split Owners ensure that you do the cheque printing step, even if they are paid by EFT
- If you hand write your cheques, ensure that you still print the cheques in REST onto plain paper as exiting out before the print steps will cause the cheque printing step to not process