Correct and Reprint Financial Year Statements

Issue

Negative or Incorrect value(s) on Financial Year Statement.

Cause

Financial Year Statements are generated based on the Dissections that have been chosen for each transaction throughout the year. There are a number of common errors that affect a Financial Year Statement.

This article details some of the most commonly encountered issues, how to resolve them, and how to reprint the Financial Year Statement once the issues have been resolved.

  • A Receipt was entered against an Expense dissection or a Payment was entered against an Income dissection in error.
  • A Dissection has been created with the incorrect Type (Expense/Income) selected.
  • The owner has multiple properties and an Expense for one property shows up as an Expense for a different property instead.

The solution will depend on the cause, follow the steps below for each scenario.

Solution A – Incorrect Dissection Allocated

This is typically the issue when a figure on the Financial Year Statement shows an incorrect total when compared to the Ledger:

Dissection1
(The Ledger shows $5,000 in Rent received)

  1. Open the Owner file, and print out their Ledger.
    (Keep the ledger handy, leave it to the side for now).
    Dissection2
  2. Once you’ve printed the Ledger, go back into the Owner and select Tools, and then Dissections.
    Dissection3
  3. Specify the correct Property/Financial Year, ensure Month is set to All and Group by dissection is Unticked.
    Dissection4
  4. Most issue transactions will be very obvious as they will have a Negative figure in the Amount column.
    Dissection5
  5. Find these Transactions on the Ledger using the above Audit Number:
    Dissection6
  6. Once you find the transaction, the cause should become clear.
    • In the Owner file under Dissections, we can see the Dissection used for this transaction was Rent.
    • However, in the Ledger we can clearly see this transaction was a Payment out of the owner file.
  7. Go back into the Dissection section of the Owner file, highlight the offending transaction and click Open.
    Dissection7
  8. From here you just need to assign the Transaction to the Dissection that should have been used:¬†(We’ll use General Maintenance in this example.)
    Dissection8
  9. The Transaction will still continue to display a negative in Dissection even after it has been fixed. Ignore this and ensure you note the ones that you have actually fixed.
  10. You can print the Financial Year Statement to ensure the figures have changed correctly:
    In this example:

    • The Rent figure is now correct at $5,000, fixed from $4,680.
    • The General Maintenance expense is now showing on the statement for $320.

Dissection9

Solution B – Incorrect Dissection Type (Income/Expense)

This is typically the issue if the money that should clearly be Income is showing in the Expense column, or vice-versa.

Dissection10

  1. Go to the Dissections tab in Gateway.
    Dissection11
  2. Open up the offending Dissection, simply change the Type and click OK.
    Dissection12
  3. Reprint the Financial Year Statement to ensure this is now fixed.
    Dissection13

Solution C – Expense Allocated to Incorrect Property

This issue is very straight forward and is simply because:

  • During the Payment, the wrong Property was selected or;
  • During the Payment, Owner was selected which will split the amount and dissect it against all Properties by default.

Dissection14
Dissection15
Dissection16

The best way to fix this is to adjust the Financial Year Statement manually, rather than trying to reverse and re-enter the transaction.

  1. Open up the Owner file and select Tools, and then Dissections.
    Dissection17
  2. Change the Property to the Incorrect property as we’re going to adjust this amount so it does not appear on the statement.
    Dissection18
  3. Click the New button and add a NEGATIVE amount to effectively cancel it out and click OK:
    Dissection19
    Dissection20
  4. Now that the Incorrect property has been fixed, change Property to the Correct property:
    Dissection21
  5. Click the New button and add a POSITIVE figure for the amount we removed from the other property:
    Dissection22
    Dissection23

Print out the Financial Year Statement to verify it is now correct:

Dissection24

Was this article helpful?

Related Articles