As your are preparing for the close of the financial year, its time to run through your checklists to ensure that you have your preparation complete ready for the next week.
Preparation is the key:
Reconcile
Review and reduce work orders outstanding
Enter all invoices
Rent reviews
Overpaid rents – ensure action has been taken to remove all funds
Tenant withheld funds – allocate to rent or invoices to reduce as much as possible
Clear unknown funds and adjustments to ensure all tenants have had the correct funds allocated to them
Archive contacts – vacated tenants, empty properties, and old owners
Review and reduce tasks and diary items outstanding
Reconcile unclaimed bonds and notify tenants
Ensure all fees have been charged
Preview your statements prior to processing
Audit and ensure you charge all outstanding fees
Charge EOFY statement fees
Ensure you have paid all creditors
Release all withheld funds
Process:
Ensure that all trust accounting software has closed off the financial year and all Owners have been accounted to and for
Collate and review all required audit documents required to prepare for your external audit
Close off any financial accounts as required for the end of year
If you would like some help or would like a full checklist for the End of the Financial year, contact us over at Real+. We are here to support you to train and grow.
