When you start a new financial year or rollover your company file, some transactions are purged (deleted) from your file. This support note explains the circumstances under which some transactions are purged and others are not. For information on rolling over your financial year see the AccountEdge help (Australia | New Zealand).
When rolling over the financial year
- Selecting to purge specific transaction types will not affect the account history (shown on the History tab when viewing the account). But note that the history is only retained for the current and last financial years, regardless of what you choose to keep when rolling over. For example, rolling over from financial year 2015 to financial year 2016 will purge account history for financial year 2014.
- If AccountEdge displays "Not Responding" or appears unresponsive, be patient - the rollover is actually continuing in the background. Interrupting the rollover process will likely corrupt your company file.
What happens when I roll over my company file?
In theory when rolling over a company file to a new financial year, the closed and reconciled entries from the previous financial year are purged from the database. This results in a decrease of the file size and an increase in software performance. In some instances the file size may increase in which case you can optimise the file to reduce its size.
There are a number of reasons why transactions will remain in the company file after a rollover. Please note that the transaction types below do not act in isolation. Even though a transaction is closed and reconciled, it may still remain in your company file after rollover.
The following transactions have the potential to remain in your company file after a rollover. Depending on your software version, some transaction types will not be applicable.
When you select an account that has been reconciled in the last step of the rollover process, the reconciled transactions will be purged but the unreconciled transactions will remain.
If you select an account in the last step of the rollover process and a transaction has not been reconciled, the transaction will remain.
If you remove the tick, even if you have reconciled the account before, the unreconciled transaction will be purged.
When rolling over a company file you will get to a step which gives you the option to Keep Unpaid Payroll Liability Accruals. This refers to both Pay Superannuation and Pay Liabilities. Customers using the Pay Liabilities feature should also leave this option selected. If you're not using this function then you may deselect the option to keep these transactions as it can result in old paycheques being kept in your company file.
This is also the case for Undeposited Funds and Electronic Payments. It is recommended that you leave these boxes checked. This is because although you may not use the Undeposited Funds and Electronic Payments function, you may have linked the wrong accounts to Undeposited Funds and Electronic Payments. This may result in unreconciled transactions being purged.
If you do not either create new linked accounts and link them, or leaves the boxes checked when Starting a New Financial Year, the transactions will remain in the file. We recommend that you set up the linked accounts correctly to allow these entries to be purged. You can achieve the same result by removing the tick from the check boxes, but this is not recommended.
Customer Cameron is being tracked for reimbursables, linked to job 123.
When a purchase is entered against job 123, the reimbursable record is triggered.
The purchase has been paid in full but will remain in the database until the reimbursement is applied or the Track Reimbursables option is removed from the Job. Once applied and once the file is rolled over, the Bill for $3.00 will be purged.
For more information see our article tracking reimbursables using Jobs.
If you use Audit Trail Tracking, transactions that appear on the Audit Trail report will still be purged if they have been reconciled and closed.
If you deselect the Purge Audit Trail Entries option, the Audit Trail report will retain entries for the previous financial year, but these entries will not appear anywhere else in your company file.
Keeping closed transactions and paycheque entries
If you choose to keep transactions from prior years or paycheques (Australia only) this will keep closed transactions. This will allow you to view the entries but not edit or change them. Be aware that keeping prior year data increases the size of your company file and can impede performance.