Breadcrumbs

AO Practice Manager year-end process


This support note applies to:

  • AO Practice Manager (NZ)

  • AO Practice Manager (AU)


Article ID: 34327

MYOB Accountants Office (AO) has no specific year-end routines that need to be run before entries can be entered for the new accounting (financial) year.

There are several optional maintenance/housekeeping routines that can be run to get your system ready for the new accounting year.

End of year housekeeping tasks

Step 1—Review employees

Review your current employee list and close any employees no longer with your firm. Also, add any new starters.


Step 2—Review employee charge and cost rates

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.

Any timesheets entered before the charge rate is changed won't be updated to use the new rate, so it's important to set up new charge rates in advance.

All timesheets must be posted before an existing cost rate is changed as the cost rate itself isn't date driven.


Step 3—Review employee budgets

If you're using employee budgets, enter them for the new accounting year.


Step 4—Review Jobs

Review your current jobs and create new ones for the new year. To help save time and improve forward planning, you can roll forward jobs set up in Job Manager for the new month, quarter or year.


Step 5—Review Task Codes

Review your current task/activity codes to add new ones or deactivate ones no longer used.


Step 6—Review billing paragraphs

Review your billing paragraphs and update any year reference in your standard text.


Step 7—Close clients

Close any clients that you longer act for.


Step 8—Close accounting period

It's a good idea to close the last accounting period of the year before running any month/year-end reports.


Step 9—Run year end reports

The reports run at year-end should be the same as those run at each month-end.

To run standard reports or custom reports that have been saved as favourites:

Either:

  • 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 the financial year-end, you may need to Creating reports/run reports from one of the following areas:

  • Employee Activity

  • Current WIP by Client

  • Current WIP by Assignment.

Reports from these areas detailing the unbilled WIP entries, as at the financial year-end, will need to be run before posting July timesheets and bills.



Step 10—Document Manager Year End (if applicable)