This article will take you through a few helpful items to help you prepare for a stress free End of Financial Year.
Contents
Contact Creditors
Contact your creditors that have completed works but you haven't yet received an invoice.
Ideally you want to pay as many invoices in this financial year for your owners so they appear on the owners Income & Expenditure Statement and can therefore be claimed when they complete their tax.
You can produce a list of your creditors by going into Contacts > Filter Contacts and change the Contact Type to Creditor/Supplier and Search.
Add Fees
If you are charging an fee for the generation of an Income & Expenditure Statement, you will need to ensure this has been added to your relevant managements.
Adding a fee to the management will need to be completed one at a time and can be done by going into Tenancy/Management > Owner Fees/Charges > Add amount (excl. GST) in the Financial Statement Fee area and Save
Statement Delivery Method
The Income & Expenditure Statements delivery method for your owners will be the same as your end of month statements delivery method.
If you need to check the owners statement default this can be done in Tenancy/Management > Owner Fees/Charges > scroll down to view the Delivery Method.
End of Month Statement Comment
You may also want to add a comment to your owners end of month statement advising them of when they can expect the Income & Expenditure Statements or something similar.
Prepare a comment and have it ready to add into Vault when you process your end of month.
You will do this when you go into the Payout Wizard > Lock Trust > (tick) to display a comment/footer on every owner statement (for this statement run).
The statement comment can only be added at the time of processing your end of month through the Payout Wizard.