Creating Income & Expenditure Statements

Summary

Income and expenditure (I&E) statements provide owners with a summary of the income and expenses associated with their investment property during a selected date range. Learn the step by step instructions on how to create them in Property Tree.

Covered in this article:

• Income and Expenditure Report Overview
• Create Income and Expenditure Reports

Income and Expenditure Report Overview

There are two ways to generate income and expenditure reports. You can select to report transactions by Statement Date or by Received and Payment Date. The option you choose will depend on when you can generate your income and expenditure reports. 

It is recommended income and expenditure be generated as follows:

• Report Transactions by Statement Date - If generating your reports via this method, you can generate anytime after your final June ownership payment and statements are created
• Report Transactions by Received and Payment Date - If generating your report via this method, generate your reports the following day, for example 1 July (AUS) or 1 April (NZ) so that it collects a complete list of all transactions up to and including 30 June (AUS) or 31 March (NZ) that may not have appeared on bank statement earlier in the day

Note: Before proceeding to create your income and expenditure statements, it is important to understand income and expenditure report types and the way it determines how transactions appear on the statement.

Create Income & Expenditure Statements

To create income and expenditure reports, go to:

• Trust & Reports > Ownership > Income & Expenditure

If you have more than one trust account, choose the relevant Trust from the drop-down list.

• Trust - If you have multiple trust accounts, select the Trust you wish to create Income and Expenditure Statements for
• Portfolio - You can refine the results by selecting a particular Portfolio when required.  Leave this field empty if you wish to create statements for all your owners
• Tags - You can filter by tags, e.g. Payment Frequency of Fortnightly or Monthly etc.
• Date From - For Australian Financial Year choose - 1st July. For New Zealand Financial Year choose - 1st April
• Date To - For Australian Financial Year choose - 30th June. For New Zealand Financial Year choose - 31st March
• Statement Date - Select to report transactions by Statement Date, Information that will appear for this report type  is pulled from the Ownership Statements. Only transactions that are recorded on any Ownership Statement generated within the date range selected will be on the Income & Expenditure report.  
• Received and Payment Date - Select to report transactions by Received and Payment Date, Information that will appear for this report type is pulled from the Owners ledger.  Only transactions that are dated within the date range selected will be on the Income & Expenditure report regardless of whether this has appeared on an Ownership Statement 
• Report Layout - Property Tree has the functionality to create a Consolidated Income and Expenditure Report for Owners that require one report for their Tax Accountant.  

Select from the following options:

• Breakdown by Property - This option will produce one Income and Expenditure report for each property linked to the ownership, each report will include the Income and Expenses for that property
• Consolidated Only - This option will produce one Income and Expenditure report for all properties linked to the ownership, totaling the Income and Expenses for all properties
• Consolidated and Property Breakdown - This option will produce Consolidated by Owner report first, then followed by a Breakdown per Property. A Consolidated by Owner report will be produced when the Owner has only one Property linked
• Monthly Breakdown - When selecting the Monthly Breakdown option, the Income and Expenditure Statements will display Income, Expenses and Owner Payments in a 12 month format. The report can be run as a Consolidated, Property Breakdown or Consolidated with Property Breakdown

Note: Monthly breakdown can be selected for a maximum of 12 months. Generating a report from 01/07 to 01/07 or beyond, includes a 13 month period.

If generating a report for this type of date range, you will need to generate using the Summary View, either by transactions by Statement/ Received and Payment date but without the monthly breakdown.

The generated list of owners will display all ownerships with transactions / statements (depending on which selections you make) that were created within the selected reporting range for both Active and Archived ownerships. 

• Name – Type the owners name, if you want to send to one owner only or tick the Send button in the grey banner to send to all

Any fees attached to the ownership or property will now display. Edit the fee to alter the amount or deselect the checkbox, if you don't want to charge the fee.  

• Send to Owners – Click this to send the statements to the owners
• Send to Agency – Click this to send all statements to your agency via email for printing
• Preview Summary – If you want to preview a summary of the statements on screen prior to sending. When clicking 'Preview Summary', it will show a summary view only, the preview cannot be viewed by monthly breakdown or consolidated
• Send – Click when you are ready to send the statement

Note: For owners set to receive statements via Post, Income & E Reports will be emailed to the Outbound Email address in your Company & Trust details once you have completed the following process.

If you require more information on any transaction appearing on the Income and Expenditure Statement, refer to the Ownership Statement and Ownership Ledger for the dates selected.

Income & Expenditure Reports for EOFY

For an even follow on from your last EOFY, it is recommended to use the same option used in last financial year.

You can check your communications history by going to:

• Managements > Communication History
• Select the Communication Type as: 'I&E for Owner'
• Select a date range for last year when you would have emailed your owner reports 
• Click Search

This will show you all the communications that got sent for each owner, you can then click into some of the Communications, and view the PDF that was sent to gather the format that it is in, so you will know which format to use again this time.

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