Account Payoff Report
Print an Account Payoff Report to determine the amount required to pay off an assessment account in full as of a specific date.
The Account Payoff Report provides a detailed summary of the remaining balance and any applicable charges needed to satisfy the assessment obligation. This report can be used to respond to property owner inquiries, support payoff processing, and verify account balances before accepting a final payment.
What Happens When You Print an Account Payoff Report?
When an Account Payoff Report is printed:
The total payoff amount is calculated based on current account information.
Remaining principal, interest, fees, and other applicable charges are displayed.
A detailed breakdown of the payoff balance is provided.
Account information is compiled into a report for review or distribution.
A record of the payoff calculation is available for reference.
When Should You Print an Account Payoff Report?
Print an Account Payoff Report when:
A property owner requests a payoff amount.
An assessment account is nearing completion.
A final payment is being prepared or processed.
Account balances need to be verified before closing an account.
Documentation of the payoff calculation is required.
Before Printing an Account Payoff Report
Review the following information before proceeding:
The correct account has been selected.
Recent payments and adjustments have been entered and posted.
The payoff date is accurate.
Outstanding balances and charges have been reviewed.
Any pending transactions have been resolved.
Verifying this information helps ensure that the payoff amount accurately reflects the account's current balance and obligations.
Note: The payoff amount shown on the report is based on account information available at the time the report is generated. Additional transactions, interest accruals, or adjustments may affect the amount due after the report is printed.
Printing the Account Payoff Report
Print a report to review the payoff amount based on the assessment schedule.
Do this...
1. Open Connect Property Improvements > Reports > Account Payoff.
2. Select a report title.
3. Enter the Report Dates.
Report Dates is the report date range. Select the last date in the date range. The report will use the end date to calculate payoff amounts.
4. Set up the Apply Reserve to Payoff Balance checkbox.
A reserve is an appropriation of retained earnings for a designated purpose, such as a fund for paying off a bond. The purpose of the reserve is to let owners know that part of the retained amount is unavailable until the bond is paid off.
Use this option to subtract the reserve balance from the payoff balance.
New Payoff Balance = Payoff Balance - Reserve
5. Set up the Include Accounts With Write-off Amounts checkbox.
Selecting the checkbox will include accounts with write-off amounts.
6. Click Print (CTRL+P).
The report prints payoff amounts.
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