Checklist - Month End Activities

List of activities to be completed on a monthly or quarterly basis

• Monthly Invoicing for Agents

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• Source Deductions

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• Office Tax Report

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• Agent Tax Report

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• Bank Reconciliations

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• Validate Trust Account Activity

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• Closed Transactions Activity Report

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• Bank Transfer Report

Monthly Agent Invoices

Invoicing Date is the date that will be shown on the invoices.

• Example: last day of month

Processing Date : System will include on the invoice all items entered and not billed up to that date.

• Will “pull” all charges from Agent Profile, Charge-backs from Shopping Cart/Wallet and Charge-backs from Express Supplies (Pencils) up to and including this date

• Usually the same date as the invoice

NOTE: Amounts shown are before taxes.

Warning

Cannot cancel an invoice when either of the following has happened: if invoice has been sent to agent or if an agent has paid an invoice.

• Accounts Receivable >> List of Monthly Invoicing.

• Actions >> New Monthly Invoicing.

• Add Invoice Date (date that will appear on invoice – ex.: last day of month)

• Add Processing Date (will pick up all charges up to and including this date – usually same as invoice date).

• Confirm account period.

• Move any agents/clients to left side that are not to be invoiced.

• Confirm all boxes are checked :

• Fixed Costs (recurring costs setup in the invoicing table of agent/client)

• Variable Costs (anything entered as an account payable chargeback to agent/client)

• Interest

• Supplies (Express Supplies invoicing for month)

• Franchise Fees

• Add Note. (Ex.: March Invoice – due by April 10th)

• SUBMIT.

NOTE: If message "An invoice exists already for this month" appears, hit OK.

• Verify agent totals – Total column is amount that will show on agent/client invoice.

• Click on pencil to verify individual total if necessary.

• If any changes are made, must click Recalculate.

• SUBMIT to create invoices.

• Hit OK when the "You will submit this information" pop-up appears.

Warning

Cannot cancel an invoice when either of the following has happened: if invoice has been sent to agent or if an agent has paid an invoice.

• Actions >> Send According to Preference.

• Sending method selected in the agent profile.

• If agent profile is sent to email, agent will receive invoice by email.

• If agent profile is sent to print, invoice will need to be printed.

Agent Pays Monthly Invoice (As Required)

• Cash Register (New Deposit).

• Select account (General) >> Check Mark button.

• Enter Deposit Number.

• Use date or another value if no deposit number is available – mandatory field).

• Example: JS20200204 (agent name is John Smith – use initials, then date agent paid the brokerage).

• Enter deposit date (date funds received into brokerage).

• Tab to Agent/Sub-Franchisee >> Enter agents name in agent field – Tab

• Click on first icon (blue letter icon).

• Select the invoice(s) paid or enter the amounts paid >> Submit.

• In Note section (bottom left), enter what invoice(s) are being paid or what month(s) are being paid.

• Example: Payment of January 2020 Monthly Invoice.

• SUBMIT.

Source Deductions for Payroll

As required based on brokerage remittance schedule; in most cases before 15th of the previous month.

Source Deduction Report

• Payroll >> List of Source Deductions Reports >> Actions >> New Source Deductions Report.

• Enter the last date of the remittance period.

• Select applicable pay periods (check marks) that need to be included in the report.

• SUBMIT.

• To print report: Actions >> Print Report.

Generate Cheque to Pay Source Deductions

• Go to Wallet (New Pay Preparation) >> Enter Supplier (example: Receiver General or CRA)

• Select Payment Method "Cheque - General" >> Check Mark button.

• Enter GL for each account being remitted (ex.: Income Tax Withheld) >> Tab >> Enter amount (no tax) >> Plus button.

• Must enter each deduction as a separate line item (Income Tax, EI, CPP).

• Use Total column from the report.

• Overall Total should match the Overall Total from the report.

• Generate cheque.

• PRINT or SUBMIT & PRINT.

Office Tax Report

For Office Tax (HST/GST/PST) (Monthly or Quarterly).

• General Ledger >> List of Office Tax Reports >> Actions >> New Office Tax Report.

• Select Accounting Period >> Submit.

• Accounting Period would be the month, end of quarter or end of year.

• If numbers are correct >> SUBMIT.

NOTE: Do not submit if numbers appear to be incorrect. Click CANCEL >> Determine what the issues are and re-run report.

• Total Payable : Amount that needs to be remitted.

• Total Receivable : No amount will need to be remitted and a credit will be need to be deposited when received.

• Report Print Preview will appear >> Print report (optional) >> Close Print Preview.

• Tab for New Payment Preparation (Wallet) will open.

• Enter Supplier (Receiver General or whatever it is named).

• Amounts will populate automatically from the tax report details.

NOTE: The GL must have .tra after – this will clear out the account (for a receivable or payable).

• Add description (optional) – Ex.: HST June 2020.

• Submit or Submit & Print.

NOTE: If the provincial remittance is both GST and PST, both GST and PST will appear on the report.

Agent Tax Report (Monthly)

NOTE: This report needs to be run monthly; report will appear in agent portal.

• Real Estate >> Administrative Reports >> Agent Tax Reports.

• Actions >> New Tax Report.

• Enter Tax Period.

• To generate February Report, do this at beginning of March.

• Select "Print" or "According to Preference".

• Add Note (optional) – Example: Agent Tax Report for February 2021.

• SUBMIT.

Bank Reconciliations (Monthly)

• Accounts Payable >> List of Account Reconciliations >> Actions >> New Account Reconciliation.

• Select the account to reconcile (Real Estate Trust, Commission Trust, General).

• Select account period (month) to be reconciled.

• SUBMIT.

• Everything entered into eZmax for the month will appear.

• Go to "Deposits" tab and unclick them.

NOTE: Anything with a line under it (link), can drill down to see what the details of that deposit was.

• Enter account balance from bank statement (closing balance from last period) >> SUBMIT.
  • Recommend saving frequently so work is not lost.
  • To go back into a started reconciliation: Select reconciliation from list >> Actions >> Edit Reconciliation.
• Check off items that appear in eZmax and the bank reconciliation.
  • Recommend to start with cheques first (usually easier).

To Enter Bank Charges

• Go to Non-Recorded Payments Tab >> Enter Suppliers Name (Bank) >> Use last date of the bank reconciliation period >> Enter Amount >> Plus button.

NOTE: Bank charges should not be done as a journal entry.

• Confirm/Enter GL for Bank Service Charges >> Enter Amount >> No Tax >> Plus button

NOTE: Difference should show as zero.

NOTE: Credit Card Reconciliation – Start with a negative (minus) value in the opening balance.

Validate Trust Account Activity

It is important to confirm that the bank reconciliation balances with the deposit transaction report (trust) and the GL report for the trust liability.

NOTE: If any of the reports are not in balance, an investigation will be required. All 3 reports must balance.

Print Completed Bank Reconciliation for the Real Estate Trust Account

• Accounts Payable >> List of Account Reconciliations.

• Select the completed bank reconciliation (trust) >> Actions >> Print Account Reconciliation.

• Report can be signed by broker.

Deposit Transaction Report

• Real Estate >> Office Reports >> Deposit Transaction Report.

• Select the bank account (Trust).

• Check "Summary" >> Select period (month) >> Submit.

GL Report for the Trust Liability

• General Ledger >> GL Report.

• Summary >> Enter From and To Period.

• Select GL (enter GL number or GL name) >> Move to GL Account (right side) >> Submit.

• Select the Trust Liability GL (Trust Liability or Trust Contra).

It is not necessary to print out the reports because they will be available in the system if needed. However, it is at the brokerage discretion to print them and create a “package”.

Closed Transactions Activity Report

It is important to review the Closed Activity report on (at least) a monthly basis. This report will show all transactions that have been closed but funds are still remaining in any of the bank account. The report should have a zero balance and/or zero entries.

• Real Estate >> Administrative Reports >> Closed Transactions Activity.

• Select Closing Date or Commission Calculation Date.

• Enter accounting period month in From date and To date (Ex.: for month of November, enter 2020-11-01 and 2020-11-30).

• Select a bank account and move to right side.

• Review each account separately.

• Move all agents to right side.

• SUBMIT.

Bank Transfer Report

The bank transfer report will show deposit (in) and payment (out) GL activities should zero out at the end of every month. An investigation will be required if the report does not zero out.

• General Ledger >> GL Report.

• Select "Detailed".

• Enter month accounting period in From Period and To Period fields.

• Select Bank Account Transfer GL and move to right.

• SUBMIT.

NOTE: If a deposit was done in the current month and the payment was completed in the next month, the report will not zero out and carry over to the next month.