Monthly Close Checklist for Property Managers
A repeatable workflow for closing building finances every month — from expense recording to statement delivery and payment reconciliation.
Execution Plan
Monthly Close in Five Phases
Phase 1: Record Expenses
Collect and verify invoices
Gather all vendor invoices for the period. Verify amounts against contracts and confirm that each invoice is matched to the correct building and expense category.
Record one-off expenses
Enter any non-recurring charges — emergency repairs, seasonal maintenance, one-time contractor work. Attach the source invoice to each expense record.
Generate recurring expenses
Trigger recurring expense templates to auto-generate monthly charges such as cleaning, elevator maintenance, and management fees. With Domera, this is a single action per building.
Phase 2: Allocate Charges
Review allocation rules
Confirm that each expense category uses the correct allocation method — ownership percentage, unit area, fixed share, or custom rules. Check for any floor-based exclusions like ground-floor units excluded from elevator costs.
Run allocation calculations
Let the allocation engine split each expense across units. Review the results for any anomalies — new units with missing ownership data, mid-month transfers that need pro-rata treatment.
Verify reserve fund contributions
Confirm that reserve fund charges are generated separately from common expenses and that contribution amounts match the approved budget.
Phase 3: Generate Statements
Generate owner statements
Produce statements for all owners in the building showing: opening balance, new charges with itemized breakdowns, payments received, and closing balance for both common and reserve funds.
Review statements for accuracy
Spot-check several statements, particularly for units with recent ownership changes, payment disputes, or unusual charge amounts. Verify that totals balance across the building.
Deliver statements by email
Send statements to all owners in batch. Domera supports one-click email delivery with the statement attached or linked. Owners with portal access can also view statements online immediately.
Phase 4: Reconcile Payments
Record incoming payments
Post all payments received during the period — bank transfers, cheques, cash deposits. Match each payment to the correct owner and building. Domera supports transaction-level posting with exact-match reconciliation.
Apply payments to outstanding charges
Allocate payments against the oldest outstanding charges first (FIFO). Ensure that payments are split correctly between common and reserve fund obligations where applicable.
Flag overdue accounts
Review the arrears report. Identify owners with balances past the collection threshold. Queue reminder communications or escalation actions for severely overdue accounts.
Phase 5: Close and Report
Review building financial summary
Check the building dashboard: total expenses vs. total collections, collection rate, outstanding balance, and building health score. Ensure the numbers are consistent and complete.
Archive period documents
Upload any supporting documents to the building's document hub — bank statements, vendor contracts, committee meeting minutes. These form the audit trail for the period.
Mark the period as closed
Once all expenses are recorded, allocations reviewed, statements delivered, and payments reconciled, the monthly close is complete. Move to the next building in your portfolio.
Manual vs. Domera: Time per Building
See how long each phase takes with spreadsheets versus a purpose-built platform.
| Task | Spreadsheets | With Domera |
|---|---|---|
| Record and generate expenses | 2–4 hours | 15 minutes |
| Run allocation calculations | 1–3 hours | Automatic |
| Generate owner statements | 2–4 hours | 10 minutes |
| Deliver statements | 1–2 hours | 1 click |
| Reconcile payments | 1–2 hours | 30 minutes |
| Total per building | 7–15 hours | Under 1 hour |
Ready to close the month in under an hour?
Start a free trial and run your first monthly close with Domera.