Preparing for your financial migration
The migration to Property Tree involves the migration of owner, tenant and agency balances. It is important that all Trust Funds, including Unclaimed funds held in internal account ledgers are reconciled prior to migration. If they are not reconciled this will delay the migration of data into your Property Tree account.
This means all entries receipted into the ledger, that makes up the balance, must be identified for allocation into Property Tree. It is your responsibility to ensure all accounts are reconciled and funds are accounted for.
The below accounts should be checked prior to your migration to Property Tree.
- AABONDC - Check the ledger balance matches the Commercial Bond Report Balance, located in Reports > Tenant > Bond Held Report > Select Class Commercial
- AABONDR - Check the ledger balance matches the Residential Bond Report Balance, located in Reports > Tenant > Bond Held Report > Select Residential Bond
- AATENDEP - Refer to our article to assist you on How to Audit Tenant Holding Deposits. Check the ledger balance matches the Deposits Held Report Balance, located in Reports > Tenant > Deposit Report
- AACREDITOR - This account must be nil after all payments are made at End of Month. Review Owner Trial Balance to identify any balances which have not been paid out in previous months. If you identify a carried forward balance contact support to discuss options.
- AASUSPENSE - All money needs to be accounted for in this internal account
- AAUNKNOWN - All money needs to be accounted for in this internal account
- AAJOURNAL - All money needs to be accounted for in this internal account. The balance should be $0.00 with no outstanding journals.
- AATENINV - All money needs to be accounted for and paid out if funds are due to the agency
- AAINVCRED - Refer to our article to assist you on How to Audit Tenant Invoice Credit. You are able to check if AAINVCRED is balanced via the pre migration wizard validation checks. If it fails complete a manual check of the internal account. Check the Tenant Invoice Credit Ledger Balance, current period only, matches the records on the Tenant Status Report, located in Reports > Tenant > Invoice Status Report > Report Range: With Invoice Credit > Tick Include Vacated, Print Totals Only & Include Zero Owing. If you are still unable to find the variance contact Rockend Support.
We also advise that you review your Owner Trial Balance Report for any other internal accounts where the monies will not be paid out to the Agency at end of month.
Prior to your final migration it is vital to ensure;
- All account mapping in the Pre Migration Wizard is complete
- All banking is cleared
- Your Final Bank Reconciliation Balances, all adjustments are reconciled or you are able to identify why adjustments have been eneted
- No one makes changes in Rest Professional after your End of Month Files Update
- You are backing up your database to cloud via the Pre Migration Wizard