This support note applies to:
- AE Practice Manager (NZ)
- AE Practice Manager (AU)
Add your accounting year before entering timesheets or creating bills for the new financial year.
The year-end procedure is a simple process:
You have one mandatory step to complete; adding a new accounting year and related tasks.
- You also have some housekeeping tasks which are optional. These are to tidy your system for the new accounting year.
Setting up your new financial year has three components:
- Add a new accounting year.
- Add accounting periods.
- Add time periods.
To create your new accounting year and periods, see: Adding new accounting years and accounting periods.
It's a good idea to close the June accounting period before running any month/year-end reports.
Review your current task/activity codes to add new ones or deactivate ones no longer used.
Review and update employee charge rates for the new year. Enter these in advance by adding an end date to your charge rate type and adding the same charge rate type with the new start date and amount.
All timesheets must be posted before an existing cost rate is changed, as the cost rate itself isn't date driven.
If you're using employee budgets, enter them for the new accounting year.
Review your current assignments and close any which aren't needed any more.
You can also create new assignments for the new year.
Review your billing paragraphs and update any year reference in your standard text.
Close any clients that you longer act for.
The reports run at year-end should be the same as those run at the end of each month.
To run standard or custom reports that have been saved as favourites:
- In the toolbar, click the Reports drop-down and choose Favourites > Practice Favourites Reports Sets > Month End Reports.
- Alternatively, in the toolbar, click the Reports icon and select the relevant report area and sub-area to run the reports you need.
If your practice needs a list of unbilled WIP entries per client as at 30 June, you may need to Creating reports/run reports from one of the following areas:
- Employee Activity
- Current WIP by Client
- Current WIP by Assignment
- KB 28140: Editing Tax integration to launch the current year Tax ledger (if applicable)
- KB 31547: Preparing for the new financial year in Document Manager (if applicable)
- KB 38652: Preparing for a new financial year in MYOB AE (includes Tax and Client Accounting year-end processes)
If you're using assignment schedules, you may need to create new schedules for the new accounting year. The document Assignment Budgeting and Workflow provides full details on creating new assignment schedule templates (page 5) and rolling forward schedules (page 32).