End of Financial Year can be a confusing and stressful time, especially if you have never completed one before in Vault! Below are some Frequently Asked Questions that may assist you in this process.
Contents:
- When do I charge the Income & Expenditure Statement fee?
- How can I cancel an Income & Expenditure fee that I charged in error?
- When and how do I create my EOFY audit reports?
- If I migrated to Vault during the current financial year do, any historic transactions migrate and appear on the Income & Expenditure Statement?
- Why are the transaction balances on the Income & Expenditure Statement different to what is on the Owner Statements?
- Is there an email template for sending the Income & Expenditure statement? If so, can it be edited?
- Can I run Income & Expenditure statements at any other time of the year?
- I've run my Income & Expenditure statements and one or more Ownerships are missing their statement, what happened?
- How do I re-send an Income & Expenditure Statement?
- Can I run my June EOM after the 1st July, I do it on the 3rd July.
- If I generated my I & E Statements on 29th June 2021 (last year), can I select to generate the I & E Statements using the 'Current Financial Year'? Will this account for all transactions?
When do I charge the Income & Expenditure Statement fee?
It depends on when you want to charge your owners, in this financial year or in the next financial year.
- Option 1: This Financial Year - Payout Wizard
Charge the fee when you complete your June end of month through the Payout Wizard. The fee will be charged in the current financial year, regardless of the date you process your June end of month.
- Option 2: Next Financial Year - Generate Income & Expenditure Statements
Charge the fee when you generate the Income & Expenditure statements on or after 1 July. The fee will be charged and appear on next years Income & Expenditure Statement.
Related Article:
How do I cancel an Income & Expenditure Statement fee that I charged in error?
- For an Unreconciled Fee:
Navigate to Management > Tenancy/Management > Ledger > select Other to the right side of the fee > Reverse.
- For a Reconciled Fee:
Navigate to Management > Tenancy/Management > Owner Fees/Charges > Charge Fee tab > select *Refund Fee*.
Always add a clear description of why the fee was reversed.
When and how do I create my EOFY audit reports?
Once you have receipted all transactions up to and including 30 June, you need to complete your Trust Reconciliation. Ensure there are no ‘differences’ showing and select Reconcile Now to close off the period.
Once this is completed, you can view the audit reports by navigating to Trust Reconciliation > Past Reconciliations > filter by date range and click Refresh.
If I migrated to Vault during the current financial year, do any historic transactions migrate and appear on the Income & Expenditure Statement?
No. You would have to produce a statement from the previous software used.
Why are the transaction balances on the Income & Expenditure Statement different to what is on the Owner Statements?
If you paid your owners on 30 June, you have effectively only receipted monies up to and including 29 June.
When you produce your Income & Expenditure Statement (on or after 1 July), you would have receipted and reconciled up to and including 30 June giving you an extra day of transactions.
Related Article:
Is there an email template for sending the Income & Expenditure Statement? If so, can it be edited?
No. There is not an editable template for the Income & Expenditure Statement.
Can I run Income & Expenditure Statements at any other time of the year?
Yes. You are able to produce an Income & Expenditure Statement at anytime for either a past or current financial year. You can also select a specific date range.
I've run my Income & Expenditure Statements and one or more Ownerships are missing their statement, what happened?
It is possible that your owners email service has moved the Vault email into spam or junk mail.
You can ask them to add the email address noreply@vaultre.com.au to their Safe Senders list in their email service provider so any emails will be directed to the inbox.
How do I re-send an Income & Expenditure Statement?
Navigate to Management > Owner > Send Email > select add an attachment from the Filing Cabinet.
Related Article:
Can I run my June EOM after the 1st July, I do it on the 3rd July.
Yes, you can run your end of month and generate your I & E Statements anytime after the 1st July but first must receipt up to and including the 30th June.
If I generated my I & E Statements on 29th June 2021 (last year), can I select to generate the I & E Statements using the 'Current Financial Year'? Will this account for all transactions?
If you select the Current Financial Date 2021 - 2022, the I & E Statement will only show you the account transaction breakdown from 01/07/21 - 30/06/22. As you generated the statements previously on the 29/06/21, there would be 2 days transactions included in the Balance Brought Forward total that will not be in the detailed account breakdown for the dates 29th & 30th June 2021.
If you select a specific Date Range in Vault eg 29/06/21 - 30/06/22, Vault will pick up the extra 2 days from last year's financial period (29th & 30th June) therefore picking up all transactions in the account breakdown that have not yet been reported previously on the I & E Statement.