{"id":25168,"date":"2025-04-29T16:00:38","date_gmt":"2025-04-29T06:00:38","guid":{"rendered":"https:\/\/www.mrisoftware.com\/au\/blog\/eofy-best-practices-for-property-managers\/"},"modified":"2026-03-30T12:43:42","modified_gmt":"2026-03-30T01:43:42","slug":"eofy-best-practices-for-property-managers","status":"publish","type":"post","link":"https:\/\/www.mrisoftware.com\/au\/blog\/eofy-best-practices-for-property-managers\/","title":{"rendered":"EOFY toolkit for property managers"},"content":{"rendered":"

We\u2019re counting down the days to the End of Financial Year. While\u00a0<\/span>property<\/span>\u00a0managers don\u2019t\u00a0<\/span>exactly<\/span>\u00a0look forward to this time of the year, we can all agree that preparation is key to\u00a0<\/span>achieving a less stressful situation come 30 June.<\/span>\u00a0<\/span><\/p>\n

To help you <\/span>tick out all the boxes in the lead up to EOFY, <\/span>here are some best practices that you and your team should be doing \u2013 from processing invoices weeks ahead down to processing EOFY on the day itself. Plus easy and self-paced tutorials taking you through the steps for your specific software.<\/p>\n

Interactive step-by-step tutorials for your property management software<\/h2>\n

Simply click on the relevant button below, to access the tutorial for your software.<\/span><\/p>\n

\"PT<\/a> \"Rest<\/a> \"Rest<\/a><\/h2>\n

<\/h2>\n

Best practice guide for property managers<\/h2>\n

Review and Preparation<\/h3>\n

1. Make sure you\u2019ve put any rent changes in the system<\/h4>\n

Check and ensure that rent increases for the past 12 months have been implemented and have been processed\u00a0<\/span>through<\/span>\u00a0your system.\u00a0<\/span>This<\/span>\u00a0<\/span>will save you a lot of time in making those last-minute inputs\u00a0<\/span>and eliminate reporting errors\u00a0<\/span>in c<\/span>ase<\/span>\u00a0<\/span>you did miss any rent changes over the year.<\/span>\u00a0<\/span><\/p>\n

2. Review outstanding work orders<\/h4>\n

Reviewing outstanding work orders<\/span>\u00a0early on<\/span>\u00a0<\/span>gives you enough time to\u00a0<\/span>check what has been completed and what needs<\/span>\u00a0follow-up so you can get those invoices in before EOFY.<\/span>\u00a0<\/span><\/p>\n

3. Notify your creditors<\/h4>\n

One of the challenges every end of month, is getting invoices from your creditors.<\/span>\u00a0<\/span>Notifying your creditors way ahead of EOFY can give you more time to process\u00a0<\/span>and pay\u00a0<\/span>invoices.<\/span>\u00a0Remember, any work done on the property by the owners has to be paid for within this\u00a0<\/span>period,<\/span>\u00a0so they fall into the right\u00a0<\/span>financial<\/span>\u00a0year<\/span>\u00a0\u2013\u00a0<\/span>this<\/span>\u00a0is critical for tax purposes of your owner<\/span>s<\/span>, like tax deductions for example.<\/span>\u00a0<\/span>Give a clear deadline to your creditors<\/span> – one that will give you enough time and avoid stress in processing tons of invoices as EOFY nears.<\/span>\u00a0<\/span><\/p>\n

4. Enter All Invoices<\/h4>\n

Allocate some additional time in entering invoices so you ca<\/span>n avoid the onslaught of workload in entering them all days before EOFY.<\/span>\u00a0<\/span><\/p>\n

5. Sold and Lost Properties<\/h4>\n

Ensure numbers of sold and lost properties are accurate and allocated correctly in the system.<\/span>\u00a0<\/span><\/p>\n

6. Review bond reconciliation\u00a0<\/span>\u00a0<\/span><\/h4>\n

Another important thing that you need to check on is<\/span>\u00a0if your<\/span>\u00a0bond\u00a0<\/span>information<\/span>\u00a0<\/span>is\u00a0<\/span>up to date<\/span>.<\/span>\u00a0<\/span>While it is<\/span>\u00a0likely that your bond\u00a0<\/span>reconciliation<\/span>\u00a0is\u00a0<\/span>automated, a bond audit\u00a0<\/span>is a good way to check<\/span>\u00a0<\/span>if you have a bond for all properties you manage<\/span>\u00a0and\u00a0<\/span>if o<\/span>ld bonds for\u00a0<\/span>properties<\/span>\u00a0that have been vacated\u00a0<\/span>have been allocated correctly.<\/span>\u00a0<\/span><\/p>\n

7. Plan Ahead<\/h4>\n

EOFY<\/span>\u00a0<\/span>means<\/span>\u00a0that a new one is just around the corner<\/span>. This<\/span>\u00a0is\u00a0a good time to<\/span>\u00a0<\/span>look at all areas of your business<\/span>, from marketing to systems and procedures, even planning training for the next 12 months. Revie<\/span>wing existing processes against\u00a0<\/span>expectations for the year ahead\u00a0<\/span>helps in determining which ones work\u00a0<\/span>and\u00a0<\/span>what needs to improve<\/span>. This can assist you in<\/span>\u00a0implement<\/span>ing<\/span>\u00a0new policies and practices<\/span>\u00a0and<\/span>\u00a0removing<\/span>\u00a0those that are simply not relevant anymore<\/span>.<\/span>\u00a0<\/span><\/p>\n

Financials<\/span><\/h3>\n

1. Overpaid Rent for Vacating Tenants<\/h4>\n

Any rent that tenants have paid in advance<\/span>\u00a0needs to be double-checked to ensure that overpaid rent are held<\/span>\u00a0and do not go to the\u00a0<\/span>landlord<\/span>.<\/span>\u00a0<\/span><\/p>\n

2. Unknown Funds<\/h4>\n

Reviewing unknown funds helps ensur<\/span>e that<\/span>\u00a0funds that\u00a0<\/span>should\u00a0<\/span>go<\/span>\u00a0to the landlord<\/span>s<\/span>\u00a0are allocated properly in this financial year. This is a process that ideally\u00a0<\/span>has<\/span>\u00a0to<\/span>\u00a0be done more than once a year, but if you haven\u2019t been as diligent \u2013 double-checking these funds before end of financial year<\/span>\u00a0<\/span>will help identify unallocated income<\/span>. This\u00a0<\/span>will<\/span>\u00a0also ensure that\u00a0unknown\u00a0<\/span>deposit<\/span>s\u00a0<\/span>will<\/span>\u00a0<\/span>be\u00a0<\/span>reported correctly<\/span>\u00a0for audit<\/span>\u00a0and lodged to State Revenue<\/span>.<\/span>\u00a0<\/span><\/p>\n

3. Check Available Funds<\/h4>\n

Make sure owners have enough available funds to pay creditors, especially\u00a0<\/span>around this time when invoices are coming in.\u00a0<\/span>If<\/span>\u00a0they don\u2019t, reach out to the owner and give them the option to pay the invoice themselves or transfer funds to your agency so<\/span>\u00a0you can pay for it on their behalf.<\/span> There may be some accounts that owners have specifically instructed you not to pay this financial year. \u00a0Keep these separate so they are processed after the end of financial year.<\/span><\/p>\n

4. EOFY Fees<\/h4>\n

One of the most important things when it comes to financials is EOFY Fees.<\/span>\u00a0<\/span>Check fees against the agency agreement\u00a0<\/span>to ensure landlords are being charged correctly<\/span>. This will also\u00a0<\/span>ensure that<\/span>\u00a0any negotiated amo<\/span>unt and w<\/span>aivers<\/span>\u00a0<\/span>are properly accounted for<\/span>.<\/span>\u00a0<\/span>EOFY\u00a0Fees may not seem like a significant amount but when multiplied across the number of properties<\/span>,\u00a0<\/span>they have an impact on your agency\u2019s revenue. Charging\u00a0<\/span>correctly also builds on maintaining a good relationship with your owners<\/span>.<\/span>\u00a0<\/span><\/p>\n

5. Other Fees<\/h4>\n

Of course, i<\/span>t\u2019s not just EOFY fees that need to be correctly charged<\/span>. Double check on any fees that need to be collected for the current financial year – <\/span>marketing fees, admin fees or<\/span>\u00a0any letting fees<\/span> that have<\/span>\u00a0to\u00a0be\u00a0<\/span>entered manually<\/span>. These\u00a0<\/span>fees\u00a0<\/span>need<\/span>\u00a0to be charged in the agreed amount\u00a0<\/span>in<\/span>\u00a0the c<\/span>orrect\u00a0<\/span>financial year, so they don\u2019t r<\/span>oll over to the next\u00a0<\/span>year.<\/span>\u00a0<\/span><\/p>\n

Statements and documentation<\/span><\/h3>\n

1. Understand your Statements<\/h4>\n

Regardless of the system, you are using, it is important that you understand what<\/span>\u2019s reflected in the statements so you can explain them correctly to your owners once enquiries come in.<\/span>\u00a0<\/span>Train your team on how to<\/span>\u00a0<\/span>handl<\/span>e\u00a0<\/span>enquiries<\/span>\u00a0<\/span>for any\u00a0<\/span>entry\u00a0<\/span>of the statement so you can establish an efficient process.<\/span><\/p>\n

2. Assign a point of contact and update the details in your template<\/h4>\n

Update you<\/span>r email\/ statement template to include contact details<\/span>\u00a0<\/span>for statement-related enquiries<\/span>, this<\/span>\u00a0<\/span>ensure<\/span>s<\/span>\u00a0<\/span>they<\/span>\u00a0go t<\/span>o the right person<\/span>\u00a0or department<\/span>\u00a0and are answered correctly.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

3. Audit Requirements<\/h4>\n

Make sure\u00a0<\/span>all information is ready for audit. Preparing for end of financial year is a good time to check if all <\/span>informatio<\/span>n\u00a0<\/span>and\u00a0<\/span>reports<\/span>\u00a0<\/span>you need are\u00a0<\/span>correct and <\/span>well\u00a0<\/span>organised<\/span>\u00a0for audit.\u00a0<\/span><\/p>\n

What to do on the day<\/span><\/h3>\n

When you\u2019ve got all the preparations done, EOFY should be\u00a0<\/span>quite easy<\/span>.\u00a0<\/span>Here are\u00a0<\/span>some<\/span>\u00a0reminders to make sure this day goes<\/span>\u00a0on smoothly for you and your team:<\/span>\u00a0<\/span><\/p>\n

1. Reconcile First<\/span>\u00a0<\/span><\/h4>\n

Ensure all payments are processed and bank\u00a0<\/span>reconciliation<\/span>\u00a0<\/span>has<\/span>\u00a0been completed.<\/span>\u00a0<\/span><\/p>\n

2. Perform Backup<\/h4>\n

If using server-based systems like Rest Professional, make sure to perform a backup of your files <\/span>to prevent losing any data.<\/span>\u00a0<\/span><\/p>\n

3. Release Funds<\/span>\u00a0<\/span><\/h4>\n

Ensure you are not holding on to any funds that need to go to your owners. Double-check the report <\/span>to ensure these funds are released before processing E<\/span>OM\/ EOFY<\/span>.<\/span>\u00a0<\/span><\/p>\n

4. Preview your Statements<\/h4>\n

Preview your statements to\u00a0<\/span>identif<\/span>y\u00a0<\/span>mistakes\u00a0<\/span>and\u00a0<\/span>make necessary<\/span> corrections before sending them to landlords<\/span>. This<\/span>\u00a0is ideal for agencies with a manageable size of rent\u00a0<\/span>roll but<\/span> is understandably not a practical step for larger offices that manage thousands of properties.<\/span>\u00a0<\/span>A more workable solution would be to start practising monthly statement and ledger previews <\/span>moving forward<\/span>\u00a0to address incorrect entries early on.<\/span>\u00a0<\/span><\/p>\n

5. Process EOM and EOFY<\/h4>\n

Running EOM is often the easy part of the EOFY Process. Just be sure to follow<\/span>\u00a0the steps\u00a0<\/span>recommended by your\u00a0<\/span>software provider to ensure you get to this point without any problem.<\/span><\/p>\n

And don’t forget to breathe!<\/h3>\n

Make EOFY something to look forward to with your team. Enjoy a shared brekkie to get a good start on things, remember to breathe and be sure to celebrate with an EOFY bash once all is done \u2013 you and your team deserve it!<\/p>\n

Step-by-step articles covering the EOFY process<\/span><\/h2>\n

Need help in <\/span>processing<\/span> EOFY in your property management software? We have dedicated <\/span>EOFY\u00a0<\/span>knowledgebase articles<\/span> for Property Tree, <\/a>Rest Professional<\/a> and File Smart <\/a>complete<\/span>\u00a0with step-by-step<\/span> guides and instructional videos. <\/span><\/p>\n

Frequently asked questions about EOFY in property management<\/span><\/h2>\n

Find answers to commonly asked questions on the EOFY process with our FAQ\u2019s for Property Tree <\/a>and Rest Professional.<\/a><\/span><\/p>\n

Wishing everyone an easy and stress-free EOFY!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re counting down the days to the End of Financial Year. While property managers don\u2019t exactly look forward to this time of the year, we can all agree that preparation is key to achieving a less stressful situation come 30 June.
\nTo help you tick ou…<\/p>\n","protected":false},"author":106,"featured_media":30255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[144],"tags":[],"class_list":["post-25168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/posts\/25168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/users\/106"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/comments?post=25168"}],"version-history":[{"count":4,"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/posts\/25168\/revisions"}],"predecessor-version":[{"id":78572,"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/posts\/25168\/revisions\/78572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/media\/30255"}],"wp:attachment":[{"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/media?parent=25168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/categories?post=25168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mrisoftware.com\/au\/wp-json\/wp\/v2\/tags?post=25168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}