CMS - Financial Setup

Created by Mienette van Heerden, Modified on Thu, 13 Jun, 2024 at 2:06 PM by Glennise Pretorius

Financial Setup is a range of settings that can be changed per community. These settings can be reached by clicking on Finances.

1. Cashbook

Navigation: Community Level > Finances > Financial > Cashbook

From the cashbook tab, click on Add New Cashbook / Bank Account.

Complete the fields required fields which are indicated in red.

Once this cashbook is created, a general ledger will automatically be created for the cashbook, and the Description (name) will be entered under General Ledger Details - Description. This can be edited before saving the cashbook.

Should this be the cashbook in which bank account details need to appear on customer invoices and statements, toggle the yes box next to the Default Account

If this is the cashbook that has been captured (bank account details) is the bank account that needs to appear on all tenant invoices and statements, click the check box next to Tenant Billing Account.

Enter the opening balance for this cashbook if applicable. Enter the opening balance in the opening balance field, if there is no balance leave it as zero.

Please Note: By entering an opening balance on the Cashbook setup page, it is required to create an Opening balance journal to have this same balance reflected on the Trial Balance. Should an actual cashbook transaction be brought in as the opening balance, do not enter the opening balance on this page as this will cause duplication.

After the required fields are completed, click on Add Cashbook to save and create the cashbook.

2. General Ledger

2.1 Editing a General Ledger Account

Navigation: Click on Pencil Icon

The following pop-up will appear, the fields that are not greyed out can be amended, and then click on Update Account to save any changes made.

2.2 Adding a General Ledger Account

Navigation: Click on Add General Ledger Account

The following pop-up will appear, the fields that are not greyed out can be selected and then click on Add Account to save a new ledger account.

2.3 Deleting a General Ledger Account

Navigation: Click on the Trash can Icon

The following pop-up will appear, select Yes.

Important: If there is any processing done in the General Ledger Account it cannot be deleted. When deleting a General Ledger the GL account number which was allocated to that ledger will be removed and the next GL added will have the sequential GL account number.

3. Reserve Fund Ledger

Navigation: Community Level > Finances > Financial > Reserve Fund Ledger

The Reserve Fund Ledger is a set of ledger accounts only applicable to the reserve fund income and expenses of a specific community. Add / edit / delete ledger accounts to suit the needs of your specific community.

Complete the following fields:

Main account: choose between income or Expense
Account number: the account number will auto-create
Account name: relevant to the maintenance plan

Ensure that the relevant ledgers are selected as budgetable items.

Should there be any amendments to the Reserve general ledger and/or the ledger account must be removed, simply click on the pencil or trash icon.

Important: If there is any processing done in the Reserve Ledger Account it cannot be deleted. When deleting a Reserve Ledger Account the RL account number which was allocated to that ledger will be removed and the next RL added will have the sequential RL account number.

4. Admin Budget Setup

4.1 Manual Budget Entry

Navigation: Community Level > Setup > Budget

If this is the first time entering the budget, it will be unlocked, alternatively, scroll right to the bottom of the page and click on Re-Open Budget for Editing.

When entering the budget, there will be the option to fill in a fixed monthly/yearly amount, or the option to untick the Equal Monthly Amount box. When unticked, a message will appear that says Specify Monthly Budget

When clicked on, a pop-up screen appears, where the budget can be filled in per month should there be an increase during the financial year or the monthly amount differs from month to month. Once done, click on Apply.

Once all the relevant budget amounts have been filled in, scroll down to the bottom of the page, and click on Finalize Budget

Important: if the budget is not Finalised the Billing Screen will not reflect any amounts.

4.2. Bulk Upload

Navigation: Community Level > Setup > Budget

4.2.1 Download Template

On the same Budget page, in the top right corner click on Download Budget Template.

The template will look similar to below, however, it is based on the community financial year period.

If the monthly budgeted amount is the same for every month, either fill in the month-to-month amount (column B - M) for each income and expense ledger or just fill in the per year amount (column N). If the budget amount was filled in per month it is not needed to fill in the per year amount, the system will calculate this upon upload.

Note: the system will not be able to read any formulas, please ensure the Excel amounts are in values format.

4.2.2 Import Budget

On the Budget page, in the top right corner click on Budget Excel Import.

4.3 Duplicating a Budget

Navigation: Community Level > Finance > Actual vs Budget

4.3.1 Download Template

When the budget stays the same as the previous year, there is a simple way to load this in the relevant community.

Tick the Add Monthly Budget, and select the dates to be an entire financial year ( 12 months). When the page has loaded, click on Download Excel.

Open the Excel file. Delete all the normal columns (not stating Budget).

Delete the YTD columns.

Delete the bottom row.

4.3.2 Import Budget

Navigation: Community Level > Finances >Budget

Select the financial year for the new budget.

Click on Budget Excel Import on the right-hand side of the page.

Select the Excel file, and when it is finished uploading, click on Close.

5. Reserve Budget Setup

The Reserve Fund Budget works in the same way as the normal budget. It also has a manual input and an Excel import option.

5.1. Manual Budget

Navigation: Community Level > Setup > Reserve Fund Budget

Here is where the option exists to manually type in the Reserve Fund Levy Amount (Per Month or Per Year).

Once done inputting the whole budget, scroll right down to the bottom of the page, and click on Finalize Budget

Important: if the budget is not Finalised the Billing Screen will not reflect any amounts.

5.2 Bulk Upload

Navigation: Community Level > Setup > Reserve Fund Budget

5.2.1 Download Template

On the same Budget page, in the top right corner click on Download Budget Template.

The template will look similar to this

5.2.2 Import Budget

On the Budget page, in the top right corner click on Budget Excel Import.

Once done inputting the whole budget, scroll right down to the bottom of the page, and click on Finalize Budget

Important: if the budget is not Finalised the Billing Screen will not reflect any amounts.

6. Allocation Rules

Navigation: Community Level > Finances > General > Cashbook

Instead of manually allocating every single transaction, create allocation rules and run these rules to allocate cashbook transactions. To create a rule, click on any description of any transaction.

The following screen will pop up

Description: The description of the transaction will need to start with a certain word or phrase and/or contain a certain word or phrase for the rule to allocate the transaction to a certain ledger account - this phrase/word is the criteria that needs to be met so that this rule can apply:

Account: Choose the ledger that this transaction should be posted to

Apply to amounts/Apply to Bank accounts: Choose to which Amounts and Bank Accounts this rule applies

As soon as the rule is added it will appear in grey under the transaction description. This does not mean that the transaction has been allocated. This is to indicate where the transaction will be allocated once the rules have run.