Many times, after issuing an owner statement, it is realized that the statement did not capture the correct data. This may occur for many reasons. This can happen when changes are made in QBO, and the owner statements are not refreshed in VRPlatform before putting the statement in a finalized status. This also occurs when mistakes are discovered after issuing the statements. After publishing the owner statement, the statement will be available to the owner within two hours, if invited to the owner portal. Before the two hour window, the statement can be put back into draft status and changed without having been seen by the owner.
To make changes to a published statement before being viewed by the owner, perform the following steps:
Navigate to the Statements page in VRPlatform, select the published statement you wish to change, and change the status from "Published" or "Published & Billed" to "Draft" status.
Make the appropriate changes in QBO.
Select the updated statement, regenerate the statement, and ensure that the change has been captured in the statement in VRPlatform.
Delete the bill that was recorded in QBO for the previous published payout amount under the owner's vendor profile.
Input the new payout amount and change the status of the statement to "Published & Billed" again. If there is no payout for the month, and there is a negative value that you wish to roll forward, simply change the status to "Published" and the negative balance will become the following month's beginning balance offsetting the revenue earned. If you wish to bill the owner for the deficient balance, click here for further instructions.
To make changes to a published statement that has been viewed by the owner without reissuing the statement in VRPlatform, perform the following steps:
Download the published statement to PDF in VRPlatform, and save the original statement for your records.
Make the desired change(s) in QBO.
Run a balance sheet by class for the period of the statement in QBO.
Select the "Total Owner Payable" amount under the listing class for the statement containing the needed adjustment, and determine the amount that is needed to net the monthly income to zero. This amount will be the "Total for Owner Payables." If the amount is positive, this will be income that should have been paid to the owner. If the amount is negative, you have an expense that should have reduced the original payout.
Create a journal entry, dated as of month-end, in the month of the difference in QBO. Input the amount of the difference, a description, Trust location, and the property class to move the difference not captured in the current owner statement to the following month. If the difference is an amount that should have been paid to the owner, debit the account "Owner Balance Adjustments" and credit the "Accrued/Deferred Trust Revenue/Expense" account (if it is an expense not captured, reverse the accounts of this initial entry), and save the journal entry. Ensure that the current month's "Total for Owner Payables" amount nets to zero for the month. Then go back to your journal entry, and select "Reverse" at the bottom of the journal entry. This will create another journal entry reversing the accounts as of the first day of the following month. Save this reversal journal entry. This moves the difference of the income not paid (ore expense not captured) in the current month to the following month as an increase or decrease in income in the subsequent owner statement.
To reissue a statement that has already by published and viewed by the owner in VRPlatform, perform the following:
Download the published statement to PDF in VRPlatform and save for your records.
Make the desired change(s) in QBO.
Navigate to the Statements page in VRPlatform, select the published statement you wish to change, and change the status from "Published" or "Published & Billed" to "Draft" status.
Regenerate the statement in VRPlatform, and ensure that the change is being captured in the owner statement.
Delete the bill that was recorded in QBO for the previous payout amount under the owner's vendor profile.
Input the new payout amount, and select the status "Published & Billed" to create a new payout bill in QBO. If there is no payout for the month, and there is a negative ending balance (money owed to the property management company) that you wish to roll forward, change the status to "Published" and the negative balance will become the following month's beginning balance, offsetting the revenue earned. If you wish to bill the owner for the deficient balance, click here for further instructions.
Download the changed finalized owner statement to PDF, and save for your records.
Send the owner both the original published statement and the amended statement via email with an explanation of the change. Alternatively, upload the original and altered statements to the "Files"(24:52) in VRPlatform for the owner's viewing.