EOFY is a word with the particular power to strike fear in the hearts of property managers. But, it doesn’t have to! With a bit of preparation and the right mindset, even a first-timer can close out the financial year with confidence and ease.
Regardless of which trust accounting software, you’re using, generally, there’ll be a few things you’ll need to have done before you can start closing out the financial year.
Make sure you:
If you’re a Console customer, read on to learn more about closing out the financial year in the software product that you use.
If this is your first EOFY in Console Cloud, you’re about to be pleasantly surprised. First up, make sure you complete the following pre-EOFY steps, as follows:
All you need to do now is access and send financial year statements.
You will be able to send your statements for any previously completed financial year, as well as send out ‘year to date’ statements with the same options.
With year to date statements, please note that if you select the ‘current’ financial year and send statements, your owner/s will get a ‘year to date’ statement only, that may not include details for the whole financial year. This is very useful for finalising lost managements but is not the correct option for EOFY.
Download all statements:
The financial statements will be downloaded as PDF files and zipped into one folder for you to access. To send statements to all owners:
Statements sent to all owners will be sent via email to any contacts who have email selected as a preferred contact option. For owners who have print selected for statement delivery, and those with email but have no saved email address, statements will be downloaded instead. You can then easily print and post.
NOTE: If a specific owner contact has multiple properties with you, and will receive multiple financial year statements with the bulk sending process, Console Cloud will collate these. That owner will receive one email with multiple statements attached.
Where owners have selected email as their preferred delivery method (and have included a valid email address), statements will be automatically delivered via email. Statements for owners who prefer print delivery or otherwise have no saved email addresses will download automatically. From there, you can easily print and post, or email to the owner manually.
When you have successfully completed sending your financial year statements in bulk, you will get a success message showing a count of emails sent and statements downloaded. You will also see a message showing the date your statements were sent.
You will have the ability to send again and download the statements after they’ve been sent the first time.
‘Send again’ is located in the green box confirming the date the statements were sent. When clicking on ‘send again’ you will get prompted with a pop-up asking to confirm. Confirming will result in these statements being re-sent in bulk to all owners (so, potentially a second time). Please be careful when using this option!
When will I be able to download my financial year statements?
You will be able to download and financial year statement at any time of the year. There are no restrictions. Please note, however, that if you do send statements before closing out June, you may potentially miss transactions and payments on your statements. This would be less than ideal.
Will I be able to download financial year statements from the owner portal?
No, but your owner will be able to! The owner portal is designed to keep your owner's statements and information bundled together for their easy 24/7 access. You will be able to access financial statements from your end by navigating in Console Cloud to Accounts > reports > Financial year statements.
Will I have to close the year before sending the End of Financial year statements?
It will not be required, no. But we strongly suggest you go through the EOFY checklist before starting the EOFY process.
This course will cover a range of lessons and provide you with the information you need to prepare for the end of the financial year in Console Cloud
You must register for Console Nebula to take the course (free)
This session will cover:
1. What is a financial year statement
2. How does a financial year work in Console Cloud
3. Sending individual statement, bulk downloads, emailing, and printing
4. What are dissections?
5. How to charge EOFY statement fees
6. Preparing for EOFY
7. Trial print run.
This one’s a matter of completing the pre-EOFY checklist below, and then running through the screens in Gateway’s Disbursement Wizard.
Make sure you’ve completed the following tasks before running the Disbursement Wizard:
N.B. We strongly recommend your account be in balance before closing out the financial year in Gateway. If you cannot reconcile and balance your account, we recommend consulting your auditor before proceeding.
Then run EOFY with a monthly disbursement, using the Disbursement Wizard. For more detailed instructions on how to do this and what options to select, visit www.myconsole.com.au’s EOFY resources page.
Like other Property Management and trust accounting software, running EOFY in RPO is a matter of completing a pre-EOFY checklist, and running your financial year reports.
N.B. As with Gateway, we strongly recommend you be in balance before proceeding. Ready to run EOFY in RPO? You can find full detailed instructions on how to close out the year and send statements here.
Prepare to be even more on the ball than usual for the month of June. Draw up an EOFY plan, and make sure everyone knows what it is. Then make it your mission this month to hunt down any possible unresolved issues, errors, double-ups, reconciliation problems—and so on—and resolve them ahead of time.
You’ll also be better prepared if you mentally walk through everything that needs to be done in your head by doing a very close read-through of any checklists. Imagine any resources you think you might need, right down to stationery supplies, and plan for it.
And finally, when EOFY is successfully closed out, celebrate! It’s the end of a year. If you’re in charge, it’s time to thank your hard-working staff and reward them if you can. Then it’s time for a final mental reset: what are your new financial year goals? Identify what went well for you last year, and what didn’t, and plan for an even more successful new year.
Wondering what to read next? Here’s the ultimate pre-holiday checklist for property managers, or find out what the five qualities of highly effective property management software migrations are.