Statement Updates and Close Outs are related in their function, yet are very distinctly different.
Statement Updates are performed on the Reports/Statements screen.
- Generate the statements to the Adobe report screen
- Print the statements
- (option) Print the Statement Report
- Update Stmt Dates button to (1) insert the Statement Sent line in the account ledgers, for only the accounts that received statements, and (2) lock the data prior to the statement update date so that financial changes cannot be done to the data.
- Once the Statement Update button is clicked, the "Statement Sent ($XX.xx)" line is inserted into only the accounts that had a statement generated.
- Once the Statement Update function is done, the statements will itemize on the printed statement the account's balance due to that date plus only those transactions that occurred since the last Statement Update function.
- This function is generally performed only once per month, when the batch statements are generated
Close Outs are performed on the Setup/Close Out screen.
- This function can be done at any time, as often as the office desires to protect the office's data (daily, monthly, quarterly)
- This function affects all accounts, no matter if the account (1) owes money to the office, (2) has a $0 balance, or (3) has an account credit
- This function locks the data prior to the Close Out date so that financial changes cannot be done to the data
- There is no entry in the account ledger to indicate the Close Out
Each of these functions -- Statement Update and Close Out -- locks the data:
- Statement Update locks the data for only those accounts that receive a statement, that owe money to the office
- Close Out locks the data for every account, regardless if the account owes money to the office or has a $0 balance or has an account credit
Only the Statement Update creates a line in the account ledger
Each of these dates will appear in the office's Report/Statements screen
Please review these KnowledgeBase entries to gain more assistance on these topics: