End of Year(EOY) Journals & EOY Rollover

TABLE OF CONTENTS

• End of Year Journals
• End of Year Rollover

End of Year Journals

Once your accountant has finalised the figures for your tax return they will likely send you an alignment journal for you to be able to match your figures to their figures. The first step to be able to do this is to change the period close date for this computer prior to when the journal is to be posted, for this example we are going to post our EOY journal on 30/06/22 so need to set the date back to at least 29/06/22 as shown in the example below. To do this we need to go into the options menu under accounts payable or receivable. (If it is a large journal and won’t be posted straight away this step may be best left until you are ready to post, once the journal is set up and ready you can save it then return here to adjust the date)

Now you can create your journal that your accountant has supplied. From here setting up a journal can be done as usual through Journal Entry > New Journal. As the journal is being done there are some areas to pay attention to. 

· First is adjustments to the Inventory/Stock account, you will likely have to adjust an offset account instead to bring it inline with their figures unless you adjust each of your stock down to their adjusted value as this account only allows posting of stock type references. Check with your accountant if you are unsure what to adjust. 

· The next issue that arises is with GST accounts, adjusting GST paid or GST collected in a prior BAS period will cause problems as it will mean that your GST accounts are out of balance and will give an error when going to post your next BAS. These adjustments are usually just moving the balance from the June BAS in creditors or debtors back to the GST Paid & Collected accounts. You need to check with your accountant whether these lines can be left out, changed to a different account like a GST adjustment account or dealt with in another way. If there is adjustments to the overall GST double check whether they are to be posted with the EOY journal or if the adjustment is to be made in the current period. 

· Another issue faced mainly in creditors and debtors with some other accounts facing it as well is requiring a client. If there’s an error saying Account XYZ requires a client reference when posting the journal then find that account number and type in the client number that it relates to or press the down arrow once you click into the box to bring up the client lookup.  

Once you’ve successfully posted your journal, check through your financial statement to make sure that the figures align to the figures submitted by your accountant. There could be mistakes in accounts you’ve selected or in what the accountant has provided for the journal. If there are any issues you can go back into your journal list and edit the previous journal you’ve posted. Once you are happy with the figures in Eclipse we will go back and remove the override period close date set earlier so no changes can be accidentally made in a prior period. 

End of Year Rollover

Now that our figures are finalised for the year an EOY rollover can be done. To run the rollover find the EOY Rollover button under the Accounts Payable or Accounts Receivable header.

If you haven’t performed a rollover your screen will look like this, the main area to check is that the current financial reporting period is set to the date after you want your rollover to be. For this example we are doing EOY for 30 June 2022 so our financial period start date is 1^st of June 2022. If a previous rollover has been done then it should be set to the year after your last rollover, e.g. A rollover completed for 30 June 2020, the next date would show 1^st July 2021. If a rollover has been missed for a previous year you may want to check the figures are correct for that year and then you can run the rollover for that year before proceeding onto running the rollover for the current year. 

To start the rollover just press Apply, the process may take a few minutes to complete. If you have processed the rollover and find a mistake that needs correcting you can use Delete Last Rollover in the bottom left to rollback, adjust the override period date again, and then make any adjustments before rerunning the EOY rollover.