Monthly Recurring Credit functionality has been added to the new Homeowner > Ledger > Credits tab.

• A new Monthly Recurring Credit can be added with the +New Credit button.

• • Start Date: Credit Start Date. This is the date the credit will be posted.
  • End Date: Date the credit will expire.
  • Assoc Chg: The charge being credited.
    • Note: A credit can be applied to any assessment configured on the association level.
  • Amount: Credit Amount. The system will automatically convert this to a negative number.
  • Override GL: Used to override the AR association configured GL.
    • Note: By default, a credit will be marked as an Adjustment. If the Override GL is used, the credit will be marked as a Write-Off.
  • Adjustment Description: There is no default description. If this field is left blank, the Description field on the Ledger > Transactions tab and Homeowner Statements will use the Assoc Chg field as the Description.
• Credit functionality on the Homeowner Ledger will require the accompanying permission enabled under Settings > Roles > Homeowner > Homeowner Credit.

• Monthly Recurring Credit information will be displayed in the following system areas:
  • Next Assessment header section, after Assessment information.

• • In the Modern Portal's Upcoming Assessments section.

• • On Three-Column Statements.

Impact:

Monthly Recurring Credits are now fully baked into Vantaca which means you and your users will no longer have to manually post charge adjustments each month to account for any recurring credits your homeowners may have.

The following changes have been made to the Ownership Transfer form:

• Added the option for the user to select the Proration Date as the Settlement Date or Today's Date.
  • The selected option will auto-populate based on the entered Settlement Date or the calendar date,
  • Added a Charge Date field to the form which will populate the new Charge Date column in the table.
    • Note: Fiscal Period Protection will be active to prevent the user from posting into a closed fiscal period.
• Homeowner Charge Tags can now be transferred during the Ownership Transfer.
  • Renamed the Tag grid to Charge Tags.
  • Added an Other Tags grid below the Charge Tags grid.
    • Will not display Percentage or Special Rate Tags.

Impact:

These improvements to the Ownership Transfer form will ensure your Closing Coordinators know exactly when the adjustment activity will occur, allowing them to anticipate accordingly and mitigate the change for potential data mismatches.