The following article provides you with guidelines to follow when preparing for End of Financial Year (EOFY) processing including setup for the new financial year.
I - NO ROLL OVER
Unlike some accounting systems, there’s no requirement in JCurve ERP or NetSuite to do a roll over into the new financial year. Simply create your new Financial Year Accounting and Tax Periods and continue processing as normal.
II - CREATING YOUR ACCOUNTING & TAX PERIODS FOR THE NEXT FINANCIAL YEAR
In order to continue transacting into the next financial year, you will need to ensure that you have created your Accounting Periods and Tax Periods.
Please review the following article:
III - PAYROLL
If you are using payroll in a JCurve account, please review the following article:
IV - BAS: PAYMENT OF GST AND PAYG
To ensure you haven't missed any back dated transactions or adjustments, run your BAS report for the whole year and deduct what you have already reported / paid. Before creating you BAS reports and payments, make sure that you have completed your bank reconciliation so all that necessary adjustment have been made.
Should you require additional information on End of Year for BAS, please refer to the article below:
V - SUPERANNUATION
Vl - EMPLOYEE FBT
If you have employees with FBT then you will need to ensure these records are added prior to finalisation of your STP submissions for each tax year.
VIl - CLOSING OFF PREVIOUS ACCOUNTING PERIODS
To help you close off previous accounting periods, the following article will provide you with a checklist of considerations:
VlII - END OF MONTH PROCESSING
The following article can be used as an ongoing checklist to work through end of month processing: