End of Financial Year FAQ

  • Updated

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

End of Financial Year FAQ To help you finish the year strong and set your business up for success in the coming year, we have put together some of our most FAQ around the End of Financial Year process below: 

Q. An archived Landlord has requested a copy of their EOFY Statement. 
You will need to restore the Owner contact and ledger. You will then be able to restore the Property. Once you have generated the relevant reports, you can go ahead and archive all these once again.

Q. On my Financial Summary report, a month is showing $0, why? 
Check your Trust Accounts > Close of Period History and check if you have missed a close of the period for that month. If you have, you can run the report with the Date Override checkbox ticked.

Q. Are credit notes shown on this report? 
No, this report is run on a cash basis.

Q. Do Journals reflect on the EOFY statement? 
No, unfortunately, journaling is not available in Re-Leased. This report only shows transactions where a payment was processed. It is not possible to insert transaction amounts into this report.

Q. Are transfers between ledgers shown on the EOFY statement? 
Yes, transfers between ledgers are shown in the Profit section at the end of the report, in the column for the month they were processed.

Q. Is there a way to include the property address on the Email Subject line when it is emailed? 
Yes, you can set this up in Settings > Templates > Correspondence tab > select the Financial Summary Template and on the Subject field insert the Property Address merge field. We suggest testing the template out first to ensure it is pulling through the merge field.

Q. When I select a large set of owners, why does it grey out some of the buttons? 
A large set of owners may cause the reports to timeout in the browser, so we restrict the user from generating on screen or downloading. The email options are still available, as the processing is done on our server, separately from your browser, and will not timeout. There are a few email options, including being able to email the PDF to yourself. You can use this method instead of generating on-screen reports when dealing with large data sets.

Q. Does the Landlord App show the EOFY statement? 
Yes, it can if the statement is saved under the Property > Documents section.

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