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| End and Close of Month in Console 4 replies 3 voices |
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Kylie Hogan
on Sep 1, 2010 2:52pm
Property Manager Ray White Narrabri Narrabri NSW |
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hi Guys. Question is, how do you do your end and close of month to comply with audit requirements? Our auditor wants us to do our close and end on the last day of the month, but if we do, then we will be out in our reconciliaton, as we may have transactions come in after 5pm. Our rec has to balance up with the bank statement. What do you guys do?
Kylie |
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Kath M
on Sep 1, 2010 8:54pm
Senior Property Manager Queensland |
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Kylie, we always do our EOM on the last working day of the month – regardless if it falls on a Friday, etc.. Our system allows us to record our “deposits not yet in system”, such as those still showing as a Next Day Transaction etc etc… these show on the Bank Rec and match what is on the current statement for that day. Our Auditor is more than happy with the way this is done. |
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Kylie Hogan
on Sep 3, 2010 11:27am
Property Manager Ray White Narrabri Narrabri NSW |
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The problem I have with my audit was this – We have been doing our end of month on the morning of the last business day of the month. Then on the next business day, reciept any further transactions for that day then close the month off. Where the problem lies, is that the bank statement that we get from the bank does not match up with the ledger balances. This is because, there may be late evening transactions go through after I have ended the month. So, in reality, it is never really going to match, but the auditors want it to. I have changed our system now, that I end and close the month on the first business day of the next month. Is anyone using console able to tell me how they do it? Do they forsee any audit problems by doing it this way? Kath are you using console? Kylie |
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Simon Cox
on Sep 3, 2010 2:07pm
Trainer Real Estate Dynamics Queensland |
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Hi For your info, in Qld your end of month process should happen after the month has concluded, generally on the first business day after the month has passed. Refer to Section 47 of the PAMD Regulations. So basically on the 1st of the month you print off your statement, download/reciept all transactions dated the previous month and them complete your reconciliation with the balance of the statement. This will ensure all paid transactions for the month are in your system, now you can do end of month. Many auditors in Qld don’t inform agents of this requirement which is a little concerning. I doubt whether the OFT would jump up and down about it, but for accounting purposes it would be good to accurately record monthly income. Cheers Simon Cox simoncox@realestatedynamics.com.au
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Kylie Hogan
on Sep 3, 2010 3:38pm
Property Manager Ray White Narrabri Narrabri NSW |
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It makes sense to do it that way, but I was given so many different versions of it from the auditors, I was going around the bend. NSW law is probably different again.. |
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