REST Professional End of Financial Year Procedure for Australia
In Australia, you are required to rollover your financial year on 1st July to include all transactions on your bank statement up to and including 30th June. The following instructions guide you through the process of closing the financial year in REST.
NOTE: If you are charging Income and Expenditure fees and would like these fees displayed on the EOM statement for the month of June, you need to set up and charge these fees prior to commencing the EOM process.
Income & Expenditure Fees
- For instructions on setup or updating your Income & Expenditure Fees CLICK HERE
- For instructions on charging your Income & Expenditure Fees CLICK HERE
Processing End of Month / EOFY Process
The first steps of the EOFY process are the same as your standard End of Month process. Complete these steps as usual until you reach the Files Update process. At this screen, ensure Clear Year to Date (YTD) Data is ticked. If this is not automatically ticked, please contact Rockend Support.
NOTE: You should not do anything here; you are simply checking that Clear Year to Date is ticked
If you run your End of Month process and Files Update prior to 1st July, do not complete another Files Update on 1st July, as this will compromise your history. You have already closed off the month of June. If you closed off before the 1st July, your auditors may require you to create a Current Backup renamed to EOFY 30th June YYYY, complete a successful bank reconciliation including all transactions on your bank statement and print all reports on 1st July. For further instructions on what to do if you ran EOM process & Files Update Prior to 1 July contact Rockend Support either via out website chat or logging a support call online.
Income & Expenditure Reports
For instructions on producing your Income & Expenditure reports CLICK HERE
For fileSMART version 5 users, instructions on how to process your EOFY in fileSMART CLICK HERE
For fileSMART version 6 and 7 users, instructions on how to process your EOFY in fileSMART CLICK HERE
Frequently Asked Questions (FAQs)
To view frequently asked questions CLICK HERE