Financial Summary

Summary: This screen can be used for a variety of purposes. Accountants can use this screen to quickly determine any issues that need to be addressed in greater detail than the Bad Financial Summary Report.

For all roles, refreshing this screen after making any changes allows you to quickly see the impacts of your change, if any. Example: Deleting or voiding bank register items or making changes to the AR or AP audit screens.

Access the Financial Summary screen by navigating to Home > Financial Summary.

The run time is automatically updated nightly for the current month and two months prior. If older months need to be refreshed, this is accomplished manually by clicking the Refresh button on the right side. Refreshing multiple months will require clicking the refresh button for each month.

When viewing the Financial Summary screen, a variety of columns will be displayed as shown below: 

• Period: This refers to the month displayed. These will date back to your Vantaca conversion.
• Run Time: When the displayed data was last refreshed. It’s important to update this by clicking the Refresh button after making any changes, like deleting items from a homeowner’s account or the bank register.
• GL: This pulls the same information displayed in the GL Trial Balance:
• Prior: How much the GL was out of balance at the beginning of the period. If you have a prior balance, make sure to refer to the month before until you get to the period the issue started in.
• Balance: How much the GL was out of balance at the end of the period
• AR: This compares the balance sheet code for Homeowner Receivables, as designated in your association settings, against two other sources of Homeowner Accounts Receivables. It is unlikely you’ll ever see a difference in the AR Aging and Rec Type Balance reports. If the association being viewed is set to Cash Accounting, your Balance Sheet value will pull in $0.00 and any difference will not appear in red.
• Pre Paid: This compares the balance sheet code for Pre Paid owner assessments, as designated in your association settings, against two other sources of Pre Paid homeowner information. It is very unlikely you’ll ever see a difference in the PP Homeowner and Rec Type Balance reports.
• AP: This compares the balance sheet code for Accounts Payable, as designated in your association settings, against the AP Report, which uses information from the Invoice Action Items. If the association is set to Cash AP, the balance sheet amount will show as $0.00.
• Operating: This compares the bank/book balance of the operating accounts, as designated on your Association Bank Account screen. If there is a difference, that amount will be displayed. In addition, this column reviews the Bank Reconciliation Report for any accounts that have not been reconciled. If there is no difference in the operating account’s bank/book balance but there are unreconciled accounts, this will display with $0.00 in red.