End of Financial Year Process - Australia

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Summary
In Australia, Real Estate Agents are required to roll over the financial year on the 1st of July, to include all transactions on their bank statement up to and including the 30th of June. 
The End of Financial Year process in Property Tree is not too different from your normal end of month process. Learn how to seamlessly process your end of financial year in Property Tree stress free!
Covered in this article:
End of Financial Year Checklist
Configuring Income & Expenditure Fees
Charging Income & Expenditure Fees
Complete June End of Month
Creating Income & Expenditure Statements
When to Close Period
Frequently Asked Questions - End of Financial Year
End of Financial Year Checklist
We have created an easy to follow checklist. It is best to use this checklist in conjunction with all available End of Financial Year resources and for a more in depth overview of the rest of this article: 
Property Tree End of Financial Year Checklist

Configuring Income & Expenditure Fees
With End of Financial Year, you will be required to create Income & Expenditure Statements for your Owners.  
If you charge your owners a fee for these statements, you will need to ensure the fees are set up in Property Tree before proceeding:
Step 1 - Go to: Configuration > Account Tasks > Fees > Property Flat Fees 
Click on the + button at the top right of the pane
Enter information as required:
Applies to - Select Residential, Commercial or both
Fee Name - Enter the fee name eg Income & Expenditure 
Account - Select the Account the Fee should be attached to
Event - Manual or I&E Report Created as required
Amount - Enter the amount of the fee
Note: The important part of creating this fee is the event.  The event should be set to Manual if you wish to charge your fees in the current financial year. If you wish to charge the fees in the next financial year, use the automated event 'I&E report created' which will automatically charge when the Income & Expenditure reports are created on or after the 1/7.

Step 2 - Apply the charge to existing properties that need to be charged
Step 3 - Flag any future properties that the fee needs to be applied to
Step 4 - Add the effective date for the fee. If you want the fee to be available immediately, select today's date
Step 5 - Confirm the fee details and the properties the fee will be added to, then click Save
Charging Income & Expenditure Fees
Manual Fees
After you have applied your Income & Expenditure fees to the required profiles, the fees must be charged before you process your Pay Ownership so that it's included in this financial year.
To charge Income & Expenditure Fees manually go to: 
Accounting > Fees > Charge Ownership, Property fee
Fee Type - Choose to charge the Ownership Fee or Property Fee (depending on how you have configured your fees to be charged)
Select Fee to Charge - Click the drop down arrow and choose the fee to charge ie Income & Expenditure Fee
Click the + button on the right hand side of the screen

Put in the property address or owner name to charge an individual owner or property
Click Search to see all owners or properties
Click on the select all icon to the right hand of the page to select all properties or owners

Click OK
All properties or owners will now be listed. In the column Fee Amount you can edit the amount being charged, add a fee by choosing Click to add fee or to delete a fee click the red X.

Click Charge
A confirmation screen of fees charged will now display
Click Close
All manual fees have now been charged.
Charging Event Driven Fees
If you have configured Property Tree to charge Income & Expenditure Fees based on an event, to show in the next financial year, you will need to carry out the event, in order to charge the fee. In this case the Income & Expenditure Fee is the event that will trigger the fee to be charged.
Complete June End of Month
Receipting
Ensure all transactions are receipted up to and including 30 June by going to Accounting > Receipts > Create Receipt  (refer to your bank statement)
Ensure all bank deposits are created on or before 30 June by going to Accounting > Banking > Create Bank Deposit
If you use the Tenant Download feature you will need to upload files for receipting by going to  Accounting > Receipts > Tenant Download
Note: Make sure you change the banked date on the receipts and tenant download to the date on the bank statement i.e. 30th June.
Process Payments
For transactions to appear in the financial year, payments for owners and creditors should be made on or before 30 June. Payments made on 1 July will not appear in the current financial year, so they will not be included in Income & Expenditure Reports to 31 March.
Ensure all creditor invoices are paid with funds available by going to: Accounting > Payments > Pay Creditor
The Payment & Statements process is done by going to: Accounting > Payments > Pay Ownership > Payment Run selected for Payments and Statements
Ensure you have completed the Pay Agency process so that the fees received are accounted for in the correct financial year reporting by going to: Accounting > Payments > Pay Agency
Note: Where legislation allows, it is recommended to conduct your end of month on the 30 June. This allows all transactions to show in the current financial year on your Income and Expenditure Reports.
Receipts and payments made from 1 July will fall into the next financial year period.
Payments made on or after 1 July will be included in the next financial year's Income & Expenditure Report. They will not be included in the financial year reports you are currently producing.  If you select to create the report by Received and Payment Date,  only the receipts and payments dated up to and including June 30 will appear in the Income & Expenditure report.
Owner payments and creation of Income & Expenditure Statements in Property Tree are completed independently of the Close of Period process. You can complete payments and statements at any time throughout the period (or month).
Bank Reconciliation
Balance the Bank Reconciliation for the period by going to:
Accounting > Reconciliation > Bank Reconciliation  
Print, sign and date the balanced Bank Reconciliation report, (keep this report for auditing purposes)
End of Month Reports
Reports can be accessed in Property Tree at anytime
Legislation requires specific reports to be saved at the end of every period
As part of the Close Period process, EOM reports are automatically emailed to the agency email address
For more information, you can contact your local industry body if you have any questions relating to compliance with your state or territories requirements:
ACT - REIACT, Consumer Rights
New South Wales - REINSW, Fair Trading
Northern Territory - REINT, Consumer Affairs
Queensland - REIQ, Fair Trading
South Australia - REISA, Fair Trading
Tasmania - REIT, Consumer Affairs and Fair Trading
Victoria - REIV, Consumer Affairs Victoria
Western Australia -REIWA, DMIRS
Creating Income & Expenditure Statements
Understand Income & Expenditure Statements - Learn about income and expenditure report types and understand the terminology 
 Creating Income & Expenditure Statements - Find step by step instructions on how to create income and expenditure statements

When to Close Period
In Property Tree, best practice is to do the Close of Period on the first day of the new month, allowing all receipts to be processed and included in the previous months audit reporting.
Property Tree allows you to close your period independently of paying ownership's and creating statements
Any payments processed on the 1 July or after will not be included in the I & E report for the previous financial year.  Only receipts with a received on date of the previous financial year will be included
Balance your Bank Reconciliation for the period you are closing
Accounting > End of Period > Close Period
Complete the Close of Period on or after 1 July. Enter the 30 June in the 'End of Current Period' field

For more information on Closing and Opening periods, please visit the article: Close & Reopen a Period
Frequently Asked Questions - End of Financial Year

For more information on common EOFY queries and frequently asked questions, please visit the article: EOFY Frequently Asked Questions
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