REST Professional End of Financial Year Procedure for New Zealand

Overview

In New Zealand, you are required to rollover your financial year on 1st April to include all transactions on your bank statement up to and including 31st March. The following instructions guide you through the process of closing the financial year in REST Professional.

NOTE: If you are charging Income and Expenditure fees and would like these fees displayed on the EOM statement for the month of March, you need to set up and charge these fees prior to commencing the EOM process.

Income & Expenditure Fees

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.

NOTE: you should not do anything here; you are simply checking that Clear Year to Date is ticked

 IMPORTANT:

If you run your End of Month process and Files Update prior the 1st April, do not complete another Files Update on 1st April, as this will compromise your history. You have already closed off the month of March. If you closed off before the 1st April, your auditors may require you to create a Current Backup renamed to EOFY 31 March YYYY, complete a successful bank reconciliation including all transactions on your bank statements and print all reports on 1st April.

For further instructions on what to do if you ran your EOM process and Files Update Prior to 1st April call Rockend Support. 

Income & Expenditure Reports

Click this link to view instructions on "How to Generate Income and Expenditure Reports - New Zealand"

Frequently Asked Questions (FAQs)

Click the link to view frequently asked questions "End of Financial Year Frequently Asked Questions (FAQs) - New Zealand"

10/03/2016 9:33 am AEDT

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