HiRUM Software Solutions

It’s that time again… End of Financial Year!

Posted by Carly Crossley - 27/06/2016

Happy EOFY! End of Financial Year is often hyped to be an unbearably busy and stressful time for business owners. Visions of people frantically screaming “EOFY!” in the streets even come to mind.

Thankfully for HiRUM Front Desk users it’s often smooth sailing. Your regular End of Month is performed as usual, then you simply prepare the Unit End of Year Report.

 

Let us show you how to prepare your Unit End of Year Report:

This report is now also available for pooled properties but can only be used for pooled properties if a unit has been in the letting pool with the same entitlements throughout the year.

 

Go to Print Reports print-reports
Click on 3-Historic
Select Unit End of Year
Click on GO

Click to enlarge

 

To run the Report in the above format, click on Next

Click to enlarge

You have the option to Show Expense Group Breakdown? As detailed in the snapshot of the Report on the previous page. You also have the option to Combine Owners Payment? This will add the owner’s early payment into the total income.
Click on Back
Ensure you have the correct Unit Range:
Enter the Date Range: for the Financial Year you wish to view e.g. 01/07/2015 to 30/06/2016
Click on Okay
Note: If there has been a change of ownership in this period HiRUM will produce a Unit End of Year Report for each owner

 

How to check your End of Year Statements

Please check the EOY statements prior to sending them out to owners, making sure that they are showing the correct information.

If you see money above and below the line or Monies Owed to management, you will need to look into this before contacting HiRUM Support for assistance.

Step 1 – You need to run the last 12 month owner statements (one by one) in HiRUM as they are now and compare to the original unit statements (the ones printed at time of roll over) to see if they still agree.

Step 2 – If they don’t match the original statement, cross check this with the statement showing in Hirum to see what has changed.

Step 3 – If the above is okay, then run the unit statement for June 2015, to see if there is money owed to management as this will carry forward to the new EOY report

Step 4 –Once you have found the variances please lodge a support request through Service Desk, ensure you attached all the paperwork to help with your query so the Hirum support team can show you how to fix this

 

And there you have it! Don’t believe the hype around the dreaded “EOFY“. With HiRUM Front Desk your End of Financial Year can go from this:

 

To this!

 

 

Carly is the Social Media Coordinator at HiRUM Software Solutions.
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  1. Sharon

    Hi Carly,

    Nothing about what you have posted, but i just wanted to say that i think Hirum could improve how there End of Year Statement is set out.

    It does not clearly state what the TOTAL expenses were.

    I think if they made one more $ column to the right of the Income. The income should be moved to that column, then a TOTAL of all of the expenses, should also be in that 2nd column and then a clear Total Balance of what the owner actually received as a nett Profit or Loss.

    Just my thoughts anyway 🙂

    • Carly Crossley

      Hi Sharon,

      Thank you for your feedback. You can change the layout of this report so that is shows the Expense group breakdown. To do this when you select the EOY report you will see a NEXT button on the right side click on this. This will take you into the report parameters and put the tick on Show Expense group Breakdown.

      When the report pops up it shows the breakdown and total at the bottom.

      Let me know if this helps and we can investigate further for you.