Preparing for end of financial year (EOFY)

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.

And no matter which trust accounting and property management software you’re using, we’ve got you covered this EOFY.

Pre-EOFY checklist for every agency

Regardless of which trust accounting software you’re using, there’ll be a few things you’ll need to have done before you can start closing out the year.

Make sure you:

  • Enter all invoices and payments up to and including March 31 in your software
  • Receipt all incoming funds, up to and including March 31
  • Reconcile and balance your accounts
  • Run your banking, to ensure all funds have been accounted for, and
  • Otherwise, be ready to close out the month and year in your trust accounting software.

If you’re a Console customer, read on to learn more about closing out the financial year in the software product that you use.

EOFY in Console Cloud

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:

  1. Enter all invoices and payments up to and including 31 March into Console Cloud.
  2. Receipt all incoming funds, up to and including any applicable at 31 March.
  3. Complete your reconciliation, ensuring your figures are in balance.
  4. Run your banking, and double-check that all funds here have been accounted for, and then
  5. Complete your March end of month close and disbursement.

All you need to do now is access and send financial year statements. 

Here’s how:

  1. From the main menu, go Accounts > Reports > Financial Year Statements.
  2. Select the financial year you’ve just completed.
  3. You can then choose whether to send statements in bulk to all owners, or choose from a number of other download or send options.
  4. If sending, click Send statements to all owners and Console Cloud will email them. For all other sending or downloading + print options, see individual instructions here.

… And kick back and relax! You’re done.

EOFY in Console Gateway

This one’s a matter of completing the pre-EOFY checklist below, and then running through the screens in Gateway’s Disbursement Wizard.

Pre-EOFY steps for Gateway

Make sure you’ve completed the following tasks before running the Disbursement Wizard:

  1. All invoices and pending payments received on or before March 31 have been entered into Gateway.
  2. All funds paid into your trust account from the previous working day have been receipted.
  3. Run your banking. Place a hold on any cheques that haven’t cleared. To place a hold on uncleared cheques, go Tools > Options > Disbursements. Tick the ‘Pending payments’ box.
  4. Take a back-up of your database and name it ‘Backup [date] pre EOFY [year]’.
  5. Complete a trial print run.
  6. Correct any dissections that have been allocated incorrectly, and
  7. Run the reconciliation wizard, making sure your accounts are in balance before you proceed.

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.

And finally: creating the right mindset for EOFY success

Prepare to be even more on the ball than usual for the month of March. 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 the 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.

About Console

Console are providers of trust accounting software and end-to-end property management solutions, for property managers and agents in Australia and New Zealand.