How to Setup Owners to be Paid Out at Mid Month

Overview

In some offices, it is practice to pay out owners during the month as part of a mid month run, this may or may not include providing a statement to the owners and charging them an additional fee for the payment. The mid month wizard assists with paying creditors, paying owners, charging owners (if applicable) and issuing statements.

NOTE: This document is not to be used and does not apply to a clearing statements database

This document will cover:

How to Change an Owner Group
How to Configure Mid Month Wizard for Postage
How to Configure the Mid Month Wizard to not send statements (if required)
Selecting Group M in the Mid Month Wizard

How to change an Owner Group

In order to pay out specific owners at mid month, the owners need to be ‘grouped’ together so that when processing the payments, REST is able to distinguish which owners to pay. It is normally recommended that the group to use is group “M” be used – meaning mid month.

Go to Files > Owner or select the icon on the desktop
Enter the alpha index of the owner and press enter
Go to the Payment Tab
Under Statement Control, change Group from A to M
Click OK-F12

How to Configure Mid Month Wizard for Postage

Depending on office procedures, it may be practice to charge owners who wish to be paid at mid month an additional postage charge. This is configured through the mid month wizard.

Go to Files > Owner Payments / End of Month or click on the icon on the desktop
Choose Owner Payments / End of Month
Click OK
Click Next after the welcome message appears
Select Mid Month Payout and then click on Configure
Tick or un-tick the Charge Postage as required. If this is un-ticked REST will process the Cheques, Fees and Split Payments step without the charging the postage and sundries amount, if this is ticked this will charge the postage and sundries amount that is also charged at end of month (This amount can be found on your Owner Details > Taxes and Charges Tab).

Select Next to save the changes
This takes you into the mid month wizard, if you do not wish to proceed with processing mid-month at this time select Cancel. NOTE: The settings have now been saved for this computer. Should mid month be processed on multiple computers, the above configuration will need to be completed on each additional computer

How to Configure the Mid Month Wizard to not send statements (if required)

It is optional as to whether you would like to send the owners a mid month statement in conjunction with their payment. The information that appears on the statement you send at mid month also appears on the statement at end of month, therefore the statement is commonly not sent at mid month to avoid confusion for your owners.

Complete steps 1- 4 of the above configuration (i.e. same instructions for configuring postage)
Highlight the step for Printing Owner Statements

Click on Remove

Click YES to confirm you wish to remove the item from the Wizard

Select Next to save the changes
This takes you into the mid month wizard, if you do not wish to proceed with processing mid-month at this time select Cancel

NOTE: You cannot remove the Print Owner Statement step from a cheque attached stationery database.

Selecting Group M in the Mid Month Wizard

When processing owner payments via cheque or EFT using the mid month wizard, there will be three steps where a group needs to be selected so that only the owners in that group (i.e. Group M) are chosen to send statements (if required), charged postage and sundries and paid out.