End Of Financial Year - Frequently Asked Questions
This article outlines all the frequently asked questions in relation to End of Financial Year in Property Tree.
This article will provide an overview of:
- Fees and Accounts
- Close of Period
- Income & Expenditure Statements
- Rest Professional Migration in Last Financial Year
Fees and Accounts
Q: When do I charge my Income & Expenditure Statement fee?
A: It depends on which Financial year you wish to charge the fee in:
- If you wish to charge fees in the current financial year, use a Manual fee.
- If you wish to charge the fee in the next financial year, use an Event Driven fee.
Q: How do I cancel an EOFY fee charged in error?
A: You can cancel an EOFY Fee the same way you would cancel any other fee in Property Tree. See the article Cancelling Fees for more information
Q: Can I change an account code for a creditor? (E.g. I set up a plumbing bill with the account code for water rates)
A: No, explain the error to your owner and that they should make a note for their accountant if required.
Close of Period
Q: When do I close the period for EOFY?
A: Complete the Close of Period on or after 1st July. Enter 30th June in the 'End of Current Period' field and select 'Yes' for 'Is this period End of Financial Year'.
Q: What happens if I forgot to select Yes to the ‘Is this period End of Financial Year’ option?
A: Nothing will happen and there is no need to go back and reopen the period. It does not have any repercussions or record of this in the system. No action by you is required.
Income & Expenditure Statements
Q: Are we able to print the Income & Expenditure statements in bulk?
A: Yes, if you select the ‘Send to Agency’ option you will receive all statements in one PDF file.
Q: Can I view the Income & Expenditure statement/s before emailing them out to Owners?
A: Yes, when creating and sending the Income & Expenditure statements, select the preview button before creating the statement or Send to the Agency to be reviewed.
Q: Why are there transactions missing on the Income & Expenditure statement?
A: Only transactions that occurred during the date range used to generate the Income & Expenditure Statement display on the statement.
- Any outstanding Creditor Payments need to be processed on or before 30th June to ensure that they are appear on the Income & Expenditure statement.
Q: Is there an email template for sending the Income & Expenditure statement? If so, can it be edited?
A: Yes, there is an email template in Automated Communications. This can be edited to suit your Agency's requirements.
- Edit the template by going to Configuration > Automated Communications > Income & Expenditure Report > Edit pencil to edit
Q: Why is there a Closing Balance amount at the bottom right hand corner of the Income & Expenditure statement?
A: This is the Balance Carried Forward that is remaining in the owners account, being withheld for one or a combination of the following reasons:
- The funds have been withheld by the Agency on the Ownership profile
- A creditor invoice or fee was not paid, and is outstanding due to insufficient funds
- The owner received a payment prior to 30th June and if further funds received were not paid out before the end of financial year.
Q: Why are there amounts in the Debit column against Rent on the Income & Expenditure statement?
A: A cancelled rent receipt creates a debit entry. If you look back at the ownership statements for this date range, you will be able to identify these cancellations.
Q: Do we need to unarchive previous profiles to be able to send owners their Income & Expenditure statement?
A: No. Property Tree will recognise archived profiles in the current financial year and include these Ownerships when generating the Income & Expenditure statement.
Q: How can I check that the information on the Income & Expenditure statement is correct?
A: The Income & Expenditure statement displays all information on ownership statements generated for owners for the date range selected. To review:
- View owner statements and view transactions
- Generate owner ledgers for the same date range to view all transactions
- The Income & Expenditure report calculates all transaction account types and reports them as total amounts
Q: Can I run Income & Expenditure statements at any other time of the year?
A: Yes, you can create Income & Expenditure statements for all owners or an individual owner for any date range.
Q: Can I create Income & Expenditure statements on the 30th June/31st of March (NZ)?
A: Yes, depending on the options you select when creating the statements.
- By selecting reports by Statement Date: you can generate the reports anytime after the Ownership Statements have been run
- By selecting reports by Received and Payment Date: We recommend that you generate the reports on 1 July (Australia) or 1 April (New Zealand) given that the bank statement may update with transactions during the day. Generating the reports the following day will allow you to get a complete list of transactions up to and including the required date
Q: If the ownership profile is set to ‘Post’ option for statements, how will they receive the Income & Expenditure statement?
A: When an owner has the statement method set as 'Post", the Income and Expenditure report will automatically send to the Agency. All statements received by the Agency will be in one PDF file. You are then able to print and send to the ownership.
Q: I've run my Income & Expenditure statements and one or more Ownerships are missing their statement - what has happened?
A: Check the 'Send by Option' selected in the Statement section of the Contact details on the Ownership Profile.
- No statement will be produced for the contact if the 'Do not send' option has been selected
- A warning displays on the Income & Expenditure screen for any contact that has this option selected
Q: Does the ‘Income & Expense’ graph appear on the Income & Expenditure Statement?
A: No. The ‘Income & Expense’ graph only appears on the Ownership statements. This option needs to be configured in Company Branding.
Q: Why is there a transaction missing from the end of financial year statement?
A: A transaction may have been entered after the last statement was created. By changing the report to Received and Payment Date, this will include all transactions in the date range selected. A report by Statement Date will report on all transactions included on a statement only within the date range.
Q: Why can't I generate the Income & Expenditure Statements from 1 July to 1 July when selecting 'Monhtly Breakdown'?
A: July to July is effectively 13 months. When selecting 'Monthly Breakdown' the option allows a maximum 12 month period, designed for the end of financial year period July to June (or April to March for NZ) inclusive. If you need to generate the statements for the July to July date range, deselect 'Monthly Breakdown' and generate the statements in the Summary view (by Statement Date or Recieved and Payment Date).
Q: Why do I have transactions showing in the incorrect accounting month when I use the monthly breakdown?
A: Depending on the method selected to run your I&E reports:
If running the I&E report by Statement Date - it will show all the transactions on that statement in the month you generated the statement i.e. if you generated a statement on 1 May, even though this is your April end of month, it will show this in May on the monthly breakdown as this is whe you generated the statement.
If running the I&E report by Received and Payment Date - it will show the transactions in the month that the ywere received or paid i.e. if the received date of receipts is 30 April however you do your Creditor, Owner and Agency payments for end of month on 1 May the income will appear in the April column and the Payments would appear inthe May column as they reflect the actual date received/paid.
NOTE: Where legislation allows, we would recommend you do end of month and all payouts on 30 June so the monthly breakdown reflects the transactions in the correct month.
Rest Professional Migration in Last Financial Year
Q: If we migrated from Rest in the last financial year, will our Income and Expenditure information include Rest information?
A: Your last Financial Year Account information will have migrated across providing you mapped Account Codes via the Pre-Migration Wizard and also backed up your data and history to the cloud at final migration. This will mean that you can generate one report for the financial year rather than generating from 2 software programs.
Note: In order to troubleshoot the Income & Expenditure Statement generated in Property Tree, you will need to refer to both Rest and Property Tree ledgers for the given period.
Q: I have transactions on the income and expenditure report that I cannot reconcile to the ownership ledger, why?
A: As above, If you did a Rest to Property Tree Migration, did the account mapping, and backed up data and history to the cloud, then transactions prior to your migration will need to be reconciled with your Owner Ledger in Rest.
I.e. If you migrated in October, you will have transactions on owner ledger from July to October that would be found in Rest rather then Property Tree.