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How To Process Pre-End-Of-Month And End-Of-Month

Updated over 6 months ago

Overview

The End-of-Month (EOM) process is crucial for ensuring accurate financial records, evaluating business performance, and preparing for the upcoming month. The benefits include improved financial accuracy, better decision-making, and enhanced organisational efficiency.
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Before You Start

Prerequisites: End-of-Month reconciliation can only be performed in the new month. For example, to reconcile your August 2024 period you will need to wait until the 1st of September 2024 or the next business day in the new month. However, you can do a pre-EOM before the month end.

Important: First log into your bank account and make sure the final balance matches the closing balance, and dates match the bank feed in Resly. If it does not match, do not roll EOM and contact Support.
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How It Works

The EOM process involves several key steps to ensure your financial records are accurate and complete.

  1. Disburse all Reservations and Tenancy Rent Payments:

  2. Add/apply/edit charges and pending transactions to Owner Accounts:

  3. Check Owner and Supplier Accounts:

  4. Split long-stay bookings:

  5. Ensure all receipts/payments in Cashbook are cleared:

  6. Check Managers Income and Business lncome Breakdown Report:

  7. Leaseback Agreements (if applicable):

  8. Pooled Income Accounts (if applicable):

  9. Bank Feed/Reconciliation:

  10. Adjustments:

  11. EOM Procedure:

By following these steps, you ensure that your financial records are accurate and up-to-date, facilitating better financial management and decision-making for your business.

Disburse All Reservations And Tenancy Rent Payments

  • Log into Resly
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  • Click Dashboard
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  • Click Finance Tab
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  • Check Reservations Owing
    ​Note: Here you can find a list of departed reservations with a balance owing.
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  • Check Undisbursed Reservations
    ​Note: Click Disburse for reservations you want to disburse. If the reservation is missing a rate plan, click on the Name in Blue Text and add the rate plan to the reservation.
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  • Check Undisbursed Tenancy Rent
    ​Note: Click the Aqua Undisbursed tab, then click Disburse
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Add/Apply/Edit Charges And Pending Transactions To Owner Accounts

  • Click Finance > Financial Reports
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  • Select Pending Transactions Summary from the Report drop-down box.
    ​Note: Click here to learn how to apply, edit, or delete pending charges in bulk. For individual accounts click here.
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  • Check for negative balances in Red, negative balances will need to be deleted or changed to pending
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Check Owner And Supplier Accounts

  • Click Finance > Financial Reports
    ​Note: View/print all the Owners Statements by navigating to Finance > Financial Reports > Reports (drop-down arrow) > Owners Breakdown
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  • Ensure Owner Charges have been applied and add/edit/delete charges if necessary.
    ​Note: To learn how to bulk charge owners, click here.
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  • Navigate to Finance > Accounts
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  • Click Supplier Accounts tab
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  • Check the accounts to make sure the suppliers are getting paid the correct amount and amend if necessary
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Split disbursement for long-stay bookings

Note: Click here to learn how to split disbursement for long-stay bookings


Ensure All Receipts And Payments Are Cleared

  • Click Finance
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  • Click Reconciliation
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  • Trust Account Reconciliation: Click on Overdue tag if any
    ​Note: Unpresented Deposit = Receipts not cleared against the bank feed - money has not been received

    Unpresented Cheques = Refunds not yet cleared against the band feed. - money has not been refunded.
    Click here for more information.
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    Step-by-Step Check Managers Income and Business Income Breakdown Report

  • Click Finance
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  • Click Financial Reports
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  • Click the Report drop-down arrow
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  • Select Business Income Breakdown
    ​Note: Check that GST has been applied to transactions that require GST and check that the correct account codes have been assigned.
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  • To edit an account:
    ​Note: The Manager Account will show all transactions that make up the total of the Manager's Income.
    38a. Copy Blue Reference
    38b. Click Finance
    38c. Click Manager
    38d. Click Transactions tab
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    38e. Locate transaction
    38f. Click Reference Number
    38g. Click Edit
    38h. Click Save
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    Check Leaseback Agreements

  • Click Finance
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  • Click Ledger
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  • Click Auto Ledger Transfer and check the accounts are correct and funds have been transferred
    ​Note: To set up an Auto Ledger Transfer click here. If there aren't enough funds in the account to cover the leaseback amount, you will need to transfer the balance owed from the manager's account. Click here for how to transfer funds.
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    Disburse Pooled Income Accounts

    Note: Click here to learn how to Disburse Pooled Income Accounts
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    Bank Feed/Reconciliation

    Note: Your Bank Feed must display the last day of the month's (for example the 30th or the 31st) closing Bank Balance before rolling otherwise you will be rolling with an incorrect closing balance.

  • Click Finance
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  • Click Bank Feed
    ​Note: Ensure all transactions have been correctly cleared, once this has been done your Reconciliation should be in balance. If your Reconciliation is not in Balance you will need to investigate why. Please reach out to our support team for assistance if required.
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    Adjustments

    Note: If there is an amount on your Bank Feed that you are unsure of and therefore can not clear you can create an adjustment on the reconciliation page. It is best practice to find this issue before rolling your EOM
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  • Click Finance
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  • Click Reconciliation
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  • Click the Blue Dollar Figure under Add Adjustment
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    End Of Month Procedure
    Note: You can only roll your EOM once you are in the new month.
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  • Click Finance
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  • Click Reconciliation
    ​Note: Check that all three columns match. Three-way Balance Reconciliation will have a Balanced tag.
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  • Click Arrange Payout
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  • Click Arrange EOM Payout
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  • Check Bank Details, Balance, Pending, Funds To Withold and Payout columns
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  • Click Confirm Payout if all correct
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  • Click Add Payment
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  • Click Proceed
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  • In the pop-up box click Download EFT Report and Download ABA File and Find Statements
    ​Note: ABA file can be saved and uploaded to your online banking to arrange payout by going to Cashbook > Payments tab > select the previous period, you will see the payment receipt for the EOM payout. Click the reference number Click Save ABA file.
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  • Download all reports if required.
    ​Note: Reports can be accessed anytime
    65a. Click Finance > Reconciliation
    65b. Click History
    65c. Click Download All Reports
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  • Send Owner Statements and Supplier Statements
    ​Note: Click here to learn how to email owner statements. Click here to learn how to add owner statements to the Owner Portal
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  • Now you need to upload the ABA file to the bank to pay the owners
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  • Clear EOM payout on bank feed.
    ​Note: Click here to learn how to clear individual EOM Payments on Bank Feed.

For any further assistance, please contact our friendly support team.

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