End of Financial Year Procedure if End of Month Run before 1 July in Rest Professional - Australia
Overview
If you run your End of Month process and Files Update prior to 1 July, do not complete another Files Update. You have already closed off the month of June.
Before you start
Before running your End of Month / End of Financial Year procedure, please complete the following checks (this can be done anytime from now):
- Run the Payments Report to confirm your system is displaying the current month and year (this shows on the top right corner of the report);
- If the report is showing correct information, you can continue with your day as normal;
- If the report is not showing the correct month and year, contact Rest Support immediately for assistance
Steps
On the 1 July or the first working day in July, you will need to follow the checklist below to comply with your audit requirements.
CHECKLIST | |
On the 1st July or the first working day of the month, do not receipt any cash/cheque receipts in REST, do manual receipts if required, as these funds will be banked in July. Make sure the banking is cleared in Cash Book > Banking | |
On the 1st July or first working day of the month, download the bank statements | |
Receipt all funds from your bank statement dated up to and including the 30th June only. Make sure you change the banked date on the receipts and download to the date on the bank statement e.g. 30th June | |
Perform a Bank Reconciliation reconciling to the current date but change the Date of Bank Statement to 30th June. Make sure the Bank Reconciliation is successful. Save & Print | |
Print Trust Trial balance report: Reports > Owner > Trial Balance > Current period | |
Print Creditor Trial balance report: Reports > Creditor > Trial Balance > Current period | |
Print Cash book receipts: Cashbook > Cashbook Receipts > Current period | |
Print Cash book payments: Cashbook > Cashbook Payments > Current period | |
Print Journals report: Cashbook > Journals Report > Current period | |
Print all Owner Ledgers including internal accounts: Reports > Owner > Ledger Report > Current period | |
Print Tenant Ledgers: Reports > Tenant > Ledger/History Report > Current period | |
Print Creditor Ledgers: Reports > Creditor > Ledger Report > Current period | |
Print Debit Occurrence Report: Reports > Other > Debit Occurrence > Current period | |
Print File Changes Report: Reports > Other > File Changes > Current period | |
Back up your data select: Files > Archive > Backup > Current Data
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File all the reports into a file marked: End of Financial Year 30.06.YYYY | |
Very Important: Do not run a files update after you have completed this backup. | |