End of Financial Year Procedure if End of Month Run before 1 July in Rest Professional - Australia
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.
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.
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
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.