Financial Summary Report

  • 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.

This article is designed to assist you with producing a Financial Summary Report to summarize income and expenses for the end of the financial year (EOFY). The Financial Summary Report, which is neatly organized according to your Close of Period history, can serve as an essential EOFY statement for multiple property owners. We will guide you through the steps to access, generate, and distribute this report efficiently.


Accessing the Report

To access the Financial Summary Report:

  1. Go to the Reports section.
  2. Select the Client/Trust Accounting header from the Reports menu.
  3. Click into the Financial Summary Report.


Generating the Report

Next, set up your report parameters with these steps:

  1. Choose the Company for which you want to run the report.
  2. Select the relevant Bank Account (Client or Trust Account).
  3. Define the Date Range for the report period.
  4. If necessary, tick the Date Override box and choose to Include Archived Ledgers.
  5. Under Owners to Include, select either all or specific owners.

Once your parameters are set, you have three (3) options for generating:

  • Generate Report on Screen: View the report immediately in your browser.
  • Download: Save the report as a file on your computer.
  • Email Report: Dispatch the report directly to the selected owners' email addresses.

Before finalizing the report, it's advised to check for accuracy, especially if planning to distribute via email.


Understanding the Financial Summary Report

The Financial Summary Report provides a detailed look at your financial records, outlining income and expenditure over selected time frames. Should your periodic closings not have been conducted every month, this report could contain empty columns. In that scenario, the Financial Details Report with the date override feature may be a more suitable choice.


Report Breakdown

The Financial Summary is divided into three sections:

  1. Income - displays revenue streams.
  2. Expenses - shows outflows of funds.
  3. Profit Analysis - provides a snapshot of financial health.

Examine the screen preview of each section for any excluded transactions that won't appear in the final report.


Reviewing and Correcting Data

By clicking on the listed amounts, you'll gain insight into the specific invoices summarized in the report. If discrepancies arise, such as missing expenses or income, verify the chart of accounts assigned during the generation of each transaction. You may then locate and edit any invoices to rectify the chart of accounts accordingly.


Emailing the Report

Selecting the email option allows you to send the Financial Summary Report as one comprehensive PDF to all owners included in the report's criteria. An added feature lets you include other recipients via the CC field. These are contacts listed under the "Additional owner statement recipients" in the owner contact editing section.

Create and apply a custom email template from the Correspondence templates to add a personal touch to your communication. Should there be issues with email delivery, alternative downloading options for PDFs will be presented.


Handling Large Reports

For reports including more than 30 owners, the on-screen generation and download functions will be disabled to optimize performance. In these cases, you're required to use the email option to handle the bulk processing and distribution of these larger reports.


By closely following these instructions, you can create a comprehensive and accurate Financial Summary Report, which is invaluable for EOFY statements and owner communications.


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