Rather than running the Disbursement Wizard twice to complete your monthly close, then your end of financial year close, you can process both at the same time.
- Receipt all funds paid into Trust on the previous working day.
- Ensure you run your Banking Wizard and close off any Cash, Cheques or Card that have been receipted. You can place a hold on cheques that haven’t been cleared. You can do this under Tools, Options then select the Disbursement tab.
- Run your Reconciliation Wizard and ensure you are in balance. If you are not in balance DO NOT PROCEED to the next step. You MUST be in balance before disbursing. Please ensure you check with your Auditor if you wish to proceed when out of balance. The best way to find a reconciliation error is to print off your bank statement and cashbook and complete a tick and check, cross checking all transactions, to ensure they match up.
- Run your Backup Wizard and name your backup Before EOFY (Year).
- Run your Disbursement Wizard.
- Ensure you have selected all series types: End of Month, Mid and End of Month etc.
- Preview your Owners disbursement – You can also add or remove holds within the Disbursement Wizard if required, simply by double clicking on the Owners name in the preview screen, then enter or remove the Withhold.
- Ensure you select your Creditors, Pending Payments and Let Fees. If you do not select your let fees in any disbursement you are advising Gateway you do not wish to charge the owner.
- Ensure all necessary reports are selected. As you will also be doing your Yearly Close, select the End of Financial Year Statements among these reports.
- As you will be completing your End of Financial Year, you will need to select Yearly Close with your monthly close.
- Once you have completed your disbursement, take another Backup and name it EOFY (Year). You need to keep this backup for approximately 7 years.
If you are unable to print or email your statements you can always reprint them.
Go to Reports, Statement, then select Owner.
Click the Batch # you just created, then OK.
You can do the same for Creditors.
From the Send Assist window you can print and email the whole batch of statements again.
You can also choose to reprint Financial Year Statements from Reports, Statement, then Financial Year from the drop down.
Incorrectly Closing off Your Month
If you have accidentally closed off your month while running a Mid month Disbursement, select Month – Closed, This will not affect your auditing, only cause issues with your Statistics Report.
Select Yes as per screen shot below and continue with your Disbursement.
Yearly Close Wasn’t Selected
If you forgot to select Yearly Close at the end of your disbursement, you can run through the Disbursement Wizard again.
Untick all pending payments, owner disbursements, creditor disbursements and bond disbursements so that all you are doing, within this wizard, is processing a Yearly Close.