• Advances Period End Date on the property.
• Moves the amount in Balance to Previous Balance on the leases so that the two fields are equal at the beginning of the new period. Entries for the current period accumulate in the Balance field.
• Processes occupancy for those square footage types that track occupancy:
  • Calculates the new Current Occupancy for the new period and creates the new Monthly Occupancy record.
  • Recalculates the Calendar Year Occupancy figure by averaging the Monthly Occupancy records for the calendar year (if tracking calendar year occupancy).
  • Recalculates the Fiscal Year Occupancy figure by averaging the Monthly Occupancy records for the fiscal year (if tracking fiscal year occupancy).
• Deletes old Property Calendar Year Accumulator records, if appropriate, based on number of years you retain each accumulator.
• Deletes old Unit Calendar Year Accumulator records, if appropriate, based on number of years you retain each accumulator.
• Deletes old Lease Calendar Year Accumulator records, if appropriate, based on number of years you retain each accumulator.
• Deletes old Lease Calendar Year Sales Volume records, if appropriate, based on the number of years you retain sales volume history.
• Deletes old Lease Overage History records, if appropriate, based on the number of years you retain overage history.

Notes:

• Occupancy records are retained for the number of months you specify in Setup, Properties, General tab, Occupancy tab. If you specify zero months, occupancy records are retained indefinitely.
• Sales volume records are retained for the number of months and/or years you specify in the Lease Percentage Rent Controls (Tasks, Manage Leases, Change Lease, Recur Chgs tab, Percentage Rent, General tab). If you specify zero years, sales volume records are retained indefinitely.
• Overage history records are retained for the number of years you specify in the Lease Percentage Rent Controls (Tasks, Manage Leases, Change Lease, Recur Chgs tab, Percentage Rent, General tab). If you specify zero years, overage records are retained indefinitely.
• For information about what occurs when the period being closed is also the calendar year end, refer to DocLink: What happens when I run Close Current Period in Property Management at the start of a new calendar year?
• For information about what occurs when the period being closed is also the fiscal year end, refer to DocLink: What happens when I run Close Current Period in Property Management at the start of a new fiscal year?