For our Asia-Pacific customers, the term "Trust Account" is used, while our European customers refer to it as a "Client Account." Throughout this article, we will use the term "Trust Account." For clarity on regional terminology, please refer to our Glossary of Regional Terminology.
This article provides a step-by-step guide to processing the End of Financial Year (EOFY) within Re-Leased. The process involves standard End of Month Disbursement & Close of Period procedures, with additional steps to generate Financial Summary Reports. We aim to make this process as straightforward as possible, ensuring you can confidently close your financial year.
Email Template for Financial Summary Report
Create a custom email template for the Financial Summary Report under the Correspondence templates section, which can be found within Templates under the Settings tab.
Charging Fees for EOFY Reports
To charge a fee for the EOFY report, set up a scheduled date fee at the property level to charge per property, or at the owner level to charge per owner. For detailed instructions, see our article on Setting up Fees.
Financial Summary Reports
If you have not performed a close of period every month, some columns in the report may be empty. In this case, consider using the date override option. Before sending the reports to owners, it's advisable to run them by selecting Generate on Screen to review and correct any misallocated chart of account codes throughout the year.
The Financial Summary Report is located under the Client/Trust Accounting Reports menu. These reports can be emailed to multiple owners simultaneously and are grouped based on Close of Period history. Ensure you review these reports before distribution.
To access the report:
- Select the desired Bank Account.
- Choose the From Period and To Period dates.
- Tick the box to include archived ledgers or perform a date override.
- Select the owners to include in the report.
- Click Generate Report on Screen, Download, or Email Report. It is recommended to check the reports before emailing.
If you're running the report for more than 30 owners, the generate on-screen and download options will be disabled, and you must use one of the email options to generate these larger reports. The report is divided into three sections: Income, Expenses, and Profit Analysis. Excluded transactions will be listed in the screen preview and not included in the downloaded or emailed reports.
Note: Credit notes raised towards Income/Expense Invoices will not appear on the Financial Summary Report. We recommend investigating any negative amounts within the report for accuracy.
Report Delivery Options
When selecting Email report to owners, all owners included in the report criteria will receive their Financial Summary reports as a single PDF for all properties. You can also include additional recipients, which will CC any contacts listed under "Additional owner statement recipients" when editing an owner contact.
For owners who prefer postal mail, click on Refresh report to include only owners without an email address, enabling you to print the reports as PDFs.
See these related articles for further assistance:
- Article 1
- Article 2
- Article 3