Those located in Asia-Pacific will use the term Trust Account, where customers located in Europe will use the term Client Account. For the purpose of this article, we will refer to it as a Trust Account. For more information on regional terminology, refer to this article or contact support.
Processing End of Financial Year within Re-Leased is as simple as running the normal End of Month Disbursement & Close of Period with only a few extra steps needed to produce the Financial Summary Reports.
Email Template for Financial Summary Report
A template for the email can be created under Correspondence templates. The template can be accessed from within Templates under the Settings tab.
Charging Fees
Should you wish to charge a fee for the End of financial year report - we recommend setting up a scheduled date fee on either a property level should you wish to charge the fee per property or owner fee should you wish to charge the fee per owner. Please see the article Setting up Fees
Financial Summary Reports
If your close of period has not been performed every month some columns will be empty if this is the case you might prefer to use the date override option.
We recommend running these reports prior to sending them to the owners by selecting generate on screen, this will allow you to amend any chart of account codes that may have been misallocated during the year.
The Trust Accounting Reports menu contains the Financial Summary Report. These can be emailed to multiple owners at the same time. The information on these reports is grouped based on Close of Period history. It is recommended to send these reports only after reviewing them.
You have the option to include archived ledgers in the report. It is recommended that you complete a few processes before sending the reports to your clients.
The report can be accessed by selecting the Trust Accounting heading on the Reports menu.
1. Select the chosen Bank Account
2. Select From Period and To Period dates
3. Tick box to include archived ledgers
4. Select which owners you would like to include in the report
5. Click Generate Report on Screen, Print as PDF (see optional landscape pdf), Download CSV or Email Report. It is suggested the reports are checked before emailing.
The Report is divided into 3 sections - Income, Expenses and Profit analysis.
Any excluded transactions will be listed in the screen preview and not included in the downloaded or emailed reports.
Please note that if you have raised any credit notes towards Income/Expense Invoices, these will not appear on the Financial Summary Report.
It's also recommended to investigate any negative amounts that appear within the report.
If Email Report is selected, all owners included in the report criteria will receive their Financial Summary reports as a single PDF for all properties. An option to include additional recipients is also available, this will CC any contacts that have been added under the "Additional owner statement recipients" area when editing an owner contact.
If you have owners who are POST- please click on the Refresh report to only include owners with no email address to enable you to print as a PDF.