In Australia, Real Estate Agents are required to roll over the financial year on 1 July, which will allow you to include all transactions on your bank statement up to and including 30 June.
An Income & Expenditure Statement is then created and sent to your owners showing all income & expenses for the financial year.
This article will take you through the steps on how to process your End of Financial Year.
Contents:
- EOFY Process - End of Month Completed on 30 June
- EOFY Process - End of Month Completed on 1 July
- Generating Income & Expenditure Statements
Related Articles:
- Preparing for End of Financial Year
- End of Financial Year (EOFY) FAQ's
- Transactions on Income & Expenditure Statement vs Owner Statement
- Generating Income & Expenditure Statements for Archived Owners
EOFY Process - End of Month Completed on 30 June
Follow this process if you are completing End of Month on 30 June.
On 30 June complete the following:
- Receipt and reconcile to 29 June
- Process end of month for June through the Payout Wizard and:
- Charge a fee in this financial year if required (tick/untick as required - refer to the article Charging an Income & Expenditure Statement Fee) *Please be aware this function will be effective from 27th June.
- Complete your creditors, owner and agency payments as you normally would
On 1 July complete the following:
- Receipt and reconcile to 30 June
- Generate the Income & Expenditure Statements and charge a fee in the next financial year if required (tick/untick as required - refer to the article Charging an Income & Expenditure Statement Fee)
EOFY Process - End of Month Completed on 1 July
Follow this process if you are completing End of Month on 1 July.
On 1 July complete the following:
- Receipt and reconcile to 30 June
- Process end of month for June through the Payout Wizard and:
- Charge a fee in this financial year if required (tick/untick as required - refer to the article Charging an Income & Expenditure Statement Fee)
- Complete your creditors, owner and agency payments as you normally would
- Generate the Income & Expenditure Statements and charge a fee in the next financial year if required (tick/untick as required - refer to the article Charging an Income & Expenditure Statement Fee)
Generating Income & Expenditure Statements
You can generate your Income & Expenditure Statements by navigating to Property Management > I&E Statements.
Step 1.
Preview I & E Statements
- Property: Select All Managements
- Belonging To: Select All Managers or a specific user
- Financial Year: Select the year
- Use any date range tickbox: Allows you to select a different date range other than a particular financial period
- Click on Preview Statements
Once you have previewed the statements you can proceed to generate the statements
Step 2.
Generate I & E Statements
- Property: Select All Managements
- Financial Year: Select the year
- Use any date range tickbox: Allows you to select a different date range other than a particular financial period
- Charge Owner tickbox: If you charged a fee at the Payout Wizard stage this box will be unticked to avoid doubling up on charges
- If you haven't yet charged a fee you will have the option to to charge the fee now
- Click on Generate Statements
- Confirm you have selected the correct period and click on Yes/Continue
You will see an alert advising the process has been queued and you will receive an email once processing is complete.
You will not be able to email or print Income & Expenditure Statements until you receive the confirmation email.
Step 3.
Print/Email I & E Statements
Sending the Income & Expenditure Statements is the same process as end of month.
- Print:
- Select the date you generated the statements
- Tick to only include statements for those owners which have a Delivery Method of Post
- Print Statements Now
- Email:
- Select the date you generated the statements
- Tick to Send Now or untick to send at a later date/time
- Select the user to send the result log to
- Send Statements Now
If you have generated multiple I & E Statement batches, each batch will be identified by date followed by how many statements were processed in that particular run.
Once an owner I & E Statement email has been sent from Vault it will be logged under the Owner contact > Other > Campaigns.
Once the Income & Expenditure Statements have been generated they will automatically be saved in Tenancy/Management > Filing Cabinet - All Tenancies > Owner Statements for future reference.
You will only generate the Income & Expenditure Statement after you have completed the receipting for 30 June and balanced your trust reconciliation, regardless of when you have completed your end of month.