EOFY Countdown: Your Questions Answered

Property Management

EOFY Countdown: Your Questions Answered
Posted by
on Jun 15, 2019

We know EOFY is a busy time for property managers, principals and trust accountants alike. That’s why we’ve assembled a panel of industry experts to answer all your questions in one place in the lead up to EOFY.

Here are all your EOFY questions answered:

1. Belinda Campbell: For EOFY, what do I need to prepare and check beforehand?

There are many great videos and documents on this in the PropertyMe knowledge base. Click on the (?) button at the top right hand corner of your screen and type End of Financial Year. You will get all the information you need here on procedures for producing the EOFY Statements.

The most important thing to check on before EOFY would be that any withholds are removed and owners are disbursed all income from their folio and that any adjustments for unknown deposits have been allocated where possible–sometimes you might need to have your bank do a trace on unknown deposits–we would recommend getting this done as early in the month as possible as it can take some time.

–Tamara and Chloe, Balance Rec n Roll

2. Megan Niven: This will be my first EOFY with PropertyMe – do you do the EOM and then the EOFY? What is the best day to do them?

This year, we recommend receipting Friday’s rent deposits on Saturday 29th June then running EOM in the afternoon. Then on Monday 1st July, close the month as at 30th June and send your EOFY statements.

–Jane Morgan, End of Month Angels

3. Lindy Klein: It’s my first time doing EOFY with PropertyMe. Do you have a cheat sheet or step-by-step EOFY guide?

Yes, we have a 10 step EOFY checklist on the Knowledge Base along with a number of articles and video tutorials to guide you through EOFY. Click on the (?) button on the top right corner of PropertyMe to check it out.

–Steven Vlamis, PropertyMe

4. Natasha Goodwin: Which EOFY statement option is best and reflects their monthly statements?

EOFY Countdown Your questions Answered Statement Date

There is a great new option on the EOFY statements this year, when setting your options choose “Statement date” also Grouping “By Statement”. This summarises each statement that the owner has received this year and lays them out in number order.

–Natalie Hastings, hastings + co

5. Megan Young: How do I issue statements for archived properties?

From the Owner Financial Summary Statement report, enter the date range you are looking to report on. PropertyMe will search for all transactions in that date range including those in archived folios. The list of folios with transactions within your specified range will be listed. Select Create Statements to generate your email messages with statement links. The statement is also listed on the owner access page.

–Amber Rolfe, Complete Real Estate Services

Watch our EOFY Owner Financial Summaries tutorial to learn more about owner financial summaries.

6. Santosh Nune: What sort of training and help is available for EOFY?

We've created a collection of EOFY resources including articles, checklists, tutorials and training courses on the Knowledge Base to help you out. Click on the (?) button at the top right of PropertyMe to access the Knowledge Base and search EOFY.

–Gavin Brightwell, PropertyMe

If you're a PropertyMe customer, check out our comprehensive collection of EOFY resources on the Knowledge Base.

7. Brad Minhinnick: How do non-cloud based agencies survive EOFY?

Non-cloud based agencies have to manually generate and print reports to be filed away in a physical file “just in case” and back up their data. This process can be time consuming, unproductive and costly.

–Helen Rolfe, Complete Real Estate Services

8. Michael Perrior: A common question we get asked is, should I run EOFY before, on or after 30 June?

It depends on what state or territory you're in as legislation differs. It's best to check with your local Real Estate Institute to find out the exact requirements.

–Peter Vellonio, PropertyMe

9. Liz Hyde: How do you get an EOFY statement in PropertyMe for owners?

You can easily generate single or bulk EOFY statements in PropertyMe using the Owner Financial Summary Statements report. Preview statements as needed then click the Create Statements button to generate email messages with attached statement links. These statements also appear in respective owner access pages.

–Gavin Brightwell, PropertyMe

10. Charlene Amber: What are the requirements and what do I need to do for EOFY?

The important thing is to ensure all your deposits are receipted and reconciled up to 30 June so that they are captured on both the Monthly statement and the EOFY statement. Then run your EOFY on the 1st of July.

–Jerome Carpen, End of Month Angels

11. Gavin Brightwell: A common question we get asked is, what is the difference between EOFY and EOM?

EOFY is the time for ensuring all related income and expenses in the past financial year are accounted for to ensure accurate reporting to your owners. Whereas EOM is the procedure of closing the month to ensure you have balanced PropertyMe to your bank statement and generated the required statutory reporting.

–Nicole Johnston, AgentDesk

12. Nicole Mansour: How do I charge an EOFY statement fee when the fees differ from owner to owner?

You would need to create a fee in your fee template in settings as a fixed amount fee. You can select the most common amount and apply the fee template to all. Afterward, you can change the exceptions.

–Tamara and Chloe, Balance Rec n Roll

13. Joanna Vaughan: Just a question with the EOFY statement run in VIC, would we have to disburse all owners and suppliers so all account balances are $0?

No, there’s no requirement for you to disburse all owners and suppliers to a $0 balance but your auditor will want to see that everything has been allocated to where it should be so if you’ve got any old unidentified deposits laying around then you’ll need to forward the funds to VIC state revenue.

And no you won’t have to disburse the $4 to the owner at EOFY. If they’ve given you that instruction to leave a $4 balance on account or you’re waiting till the next period, that’s fine.

–Veronique Dimanche, End of Month Angels

14. Cat Bensein: What PropertyMe features make tax time easier for owners?

You can select "Statement date" and grouping "By statement" when you generate EOFY statements. This summarises owner statements and lays them out in number order. Plus, these statements appear in respective owner access pages that your owners can access 24/7.

–Amanda Hall, PropertyMe

15. Steven Vlamis: A common question we get asked is, how do I fix a mistake on my EOFY statement?

If you made an error transacting during the year, you can edit the owner financial summary. First, identify the incorrect transaction, open the Owner Folio, select Reports then Folio Summary, then Edit Financial Summary.

–Tamara and Chloe, Balance Rec n Roll

16. Megan Young: How do I issue statements for properties that haven't had payouts since we migrated over to PropertyMe but they have had funds going in and expenses going out?

The EOFY statement option you’ll need to select is Transaction date reporting as this will pick up all financial activity against the Owners folio since the migration.

–Jane Morgan, End of Month Angels

17. Luke O'Kelly: How do I make changes to the EOFY statement, if required?

If you find that some transactions have been incorrectly allocated, you can make changes to the EOFY statement by going to Owner Folio, then Folio Summary, then Edit Financial Summary.

–Nicole Johnston, AgentDesk

18. Chris Craft: A common question we get asked is, does it make any difference for migrated data if I choose transaction or statement date?

It depends on when you started receipting with PropertyMe. If you migrated to PropertyMe just before or after EOFY, we recommend you use Statement Reporting. If you're unsure, contact PropertyMe Support.

–Amber Rolfe, Complete Real Estate Services

19. Gavin Brightwell: A common question we get asked is, owners who were active this financial year but inactive before migration to PropertyMe – will PropertyMe create EOFY statements for these owners?

It depends on what system you migrated from and what your agency selected during migration. We would recommend double-checking owner and financial info.

–Nicole Johnston, AgentDesk

20. David Traeger: What are the pros and cons of transactional vs statement reporting?

Transactional Reporting allows you to include all transactions for an exact date range, for example you can extract data for a full financial year 01/07/18 to 30/06/19. Whilst this option sounds the simplest, it may not be the best option for your owners as it does not match the statements generated throughout the year, most owners want to see the income recorded based on when it was actually paid to them, not when it was received in trust.

Statement date reporting matches the exact payments made to your owners throughout the financial year.

–Natalie Hastings, hastings + co

21. Michael Perrior: A common question we get asked is, what details need to be included in my EOFY statement?

Your EOFY statement needs to include totals of all income and expenses and then a balance of funds that were received by the owner. PropertyMe will generate your EOFY statement and show this as per the transactions you have entered into the system.

–Tamara and Chloe, Balance Rec n Roll

Thanks for reading EOFY Countdown: Your Questions Answered. Hopefully it helped answer all your EOFY questions!

If you’re a PropertyMe customer, we’ve created a comprehensive collection of EOFY resources in the Knowledge Base to help you out. There are lots of step-by-step articles, tutorials, checklists and resources so be sure to check it out.

We’ve also extended support hours around EOFY to better support you and your business. In addition to our regular support hours, our specialists will be available on Saturday 29th June from 10am to 4pm AEST and Sunday 30th June from 10am to 2pm AEST.

You might also be interested in The Ultimate Guide to EOFY for Property Managers, 9 Trust Accounting Mistakes You Need to Stop Making Now and Top 15 PropertyMe Features for Trust Accountants.

Did we miss anything in EOFY Countdown: Your Questions Answered?