1. This occurs on the 30th June for a new start of the year on the 1st July.
   
2. Some offices will close off the financial year on the last business day of the current financial year; other offices choose to close off on the first day of the new financial year to allow all transactions for the previous financial year to be receipted and reconciled as of the date of the transaction.
   
3. MultiArray caters for both methods; please check with your auditor or accountant as to which is your recommended method.
   
4. Please be aware of the below on ATO website regarding Rental Income. Here is the link https://www.ato.gov.au/individuals-and-families/investments-and-assets/property-and-land/residential-rental-properties/rental-income-you-must-declare

When to process EOFY?

Completing your EOFY on the 30th June, or prior

If you choose to process EOFY on the 30th or earlier, this will mean the transactions that have been deposited into your trust account on the 30th will NOT appear on the owner's Income and Expenditure statement for the 2025 Financial Year when issued after running EOM.

Completing your EOFY on the 1st July, or later

Processing your EOFY on the 1st July or later will allow you to receipt all transactions up to and including the 30 June and include all income up to the final day of the financial year, whilst allowing you to close off your Monthly reconciliation as of the 30 June.

EOFY Checklist items – Internal Compliance

1. Generate the current Trial Balance and check the following items;
   
1. Check that there are no outstanding bonds to be paid to your local bond authority
   

1. Generate the current Trial Balance and check the following items;
   
1. Check that there are no outstanding tenant credits that need to be applied to properties or refunded to tenants.
   

EOFY Checklist items – General tips

1. Print ‘Pending Disbursements’ report. To do this, go to Tools > print reports > managed properties > select PROP003 report.
2. Print ‘Owner Available funds’ report to check any withheld funds or any accounts that have been put on suspend. You can find this report by going to Tools > print reports > managed properties> select PROP002 report.
3. Supplier Invoices – Ensure all supplier invoices you need paid THIS FINANCIAL YEAR have a due date prior to processing your End of Month, otherwise they will be paid on or after the set due date of the invoice.

Items to check prior to EOFY – Fees

Check your owners' Annual Statement Fees

To do this got to Tools > Management Agreement > Selecting Service Fees and clicking on “Fee Amount”, which will display all owners who will and won't be charged a fee.

Note: Setting the fee to adhoc will result in the fees requiring to be raised manually for each property

Financial Statements

Preview financial statements before issuing the statements and correct any errors you may see.

We have now added the ability to lock in the financial statement to the documents tab of the agreement, by selecting the financial statements under the email or print and post tab, and selecting – generate a PDF