How_do_I_close_prepayment_period_

How do I close prepayment period?

Close the prepayment period to end the timeframe during which property owners can pay all or part of their assessment before regular billing begins.

Closing the prepayment period finalizes prepayment activity and prepares accounts for the next phase of assessment processing. This ensures that all qualifying prepayments are recorded before assessment balances, payment schedules, and future billings are established.

What Happens When You Close the Prepayment Period?

When the prepayment period is closed:

  • Additional prepayments can no longer be processed under the prepayment terms.

  • Assessment balances are updated to reflect all recorded prepayments.

  • Remaining assessment amounts are finalized.

  • Payment schedules and future billings can be calculated based on the remaining balances.

  • The district moves forward to regular assessment administration.

When Should You Close the Prepayment Period?

Close the prepayment period when:

  • The designated prepayment deadline has passed.

  • All expected prepayments have been received and recorded.

  • Prepayment balances have been reviewed and verified.

  • The district is ready to begin regular billing and payment processing.

  • Assessment balances need to be finalized for future calculations.

Before Closing the Prepayment Period

Review the following information before proceeding:

  • All prepayments have been entered and posted.

  • Unapplied payments have been reviewed and resolved.

  • Assessment balances are accurate.

  • Prepayment deadlines have been met.

  • Any required audits or reviews have been completed.

Verifying this information helps ensure that account balances and future billing calculations accurately reflect all prepayment activity.

Note: Closing the prepayment period is typically a significant processing step that affects future billing and payment schedules. Ensure all prepayment activity has been reviewed and finalized before completing this process.

 

Step 1: Back up database

Before proceeding, back up the current files. Always make a back up of the database BEFORE running routines that modify or delete transactions. See the help topic titled How do I back up a database? (Send Databases)

 

Step 2: Close prepayment period

Running this routine will end the prepayment period.

Do this...

1. Open Connect Property Improvements > Organization > Close Prepayment Period.

2. Fill in the district number and prepayment completed date.

3. Click GO (CTRL+G).

The prepayment period is closed.

 

Options

District number

The district number is a unique number assigned to a district. Use the District Number field to select district number that belongs to the district with the prepayment period that you wish to close.

What do you want to do?

  • I know the district number. Use the District Number field to enter the district number that belongs to the district.

  • Help me find the district number. Use the District Number menu to select Search.

  • Show me more information about the district number. Use the District Number field to enter a district number, then use the District Number menu to select Additional Information.

Prepayment completed date

The prepayment completed date is the last calendar date when prepayments for the district will be accepted.

What is the prepayment completed date?

  • I want to use the default date. Continue to the next step.

  • I want to use a different date. Use the Prepayment Completed Date to enter the MM/DD/YYYY when the prepayment period is finished.

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