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Minimising EOFY Stress – Trust account housekeeping

Jun 24, 2021

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


  • 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.


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