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Accountants Enterprise with Practice Manager only

Each year you must add an accounting year and add your accounting periods. This lets you enter your timesheets and bills for the new financial year.

About the accounting year and accounting periods
TermDescription
Accounting yearEach year, you add a new financial year to your database. This lets you enter transactions in the new financial year and report on year to date and annual data.
Accounting periodWithin each financial year, you add the months that make up the year. This lets you enter transactions in a month and to report on monthly data.
Time periodsThese are the days in each month. Add processing periods to enable daily entry of timesheets and bills.

Hit the ground running - You can add your new accounting year and periods before the start of the new financial year!

Setting up your financial year

Step 1—To add a new accounting year
  1. From the menu bar, go to MaintenanceTime Setup > Processing Time Setup. The Processing Time Setup tab appears.

  2. On the Tasks bar, click Add/Edit Accounting Year. The Add/Edit Accounting Year window appears.



  3. Click in the new record row and enter a Description, the Start date of the new financial year, and the End date. When finished, press Tab on your keyboard.

  4. Click OK. The changes are saved and the Add/Edit Accounting Year window closes.

The new year is now available in the Accounting Year drop-down on the Processing Time Setup page.

Step 2—To add a new accounting period
  1. From the menu bar, go to MaintenanceTime Setup > Processing Time Setup. The Processing Time Setup tab appears.

  2. From the Accounting Year drop-down, select the relevant accounting year.

  3. On the Tasks bar, click Add Accounting Periods. The Add Accounting Periods window appears.



  4. De-select all Time Processing Categories.

    Don't select any of the Time Processing Categories, for example, Daily or 1 Week. We recommend you set up each time processing period on a monthly basis. This will stop timesheet entry to future periods and ensure your monthly practice reports are correct.

  5. Click OK. The months populate, displaying the start and end dates for each month of the year.

Step 3—To set up time processing periods

You've got 2 options for adding the time processing periods:

OptionDescription
1. Opens up one month at a time

Recommended because:

  • Employees won't incorrectly enter timesheets and bills in future months.
  • It's easier to reconcile monthly reports.

    It's best practice to set up time processing periods for each month as the prior month is ending. For example, on the last week of June, you can set up the time processing periods for July.

2. Opens up the entire financial year in advance

Not recommended because:

  • Employees might create timesheets and bills in the wrong month.
  • Report reconciliation is more difficult.
  • More entries may be necessary to fix the mistakes in the wrong month and to re-enter data in the correct month. You'd also need to re-run reports.
Option 1—To add time processing periods one month at a time (recommended)
  1. From the menu bar, go to Maintenance > Time Setup > Processing Time Setup. The Processing Time Setup tab appears.
  2. Click the expand [+] symbol for the relevant month. The Time Processing Category appears.
  3. Click in the blank record row.
  4. From the drop-down, select Daily.
  5. Click Add. The Time Processing Category of Daily appears for the relevant month.
  6. Click the expand [+] symbol for Daily. A time processing period appears for each day of the relevant month.
  7. Click OK. The Processing Time Setup window closes.
Option 2—To set up time processing periods for the entire year
  1. From the menu bar, go to Maintenance > Time Setup > Processing Time Setup. The Processing Time Setup tab appears.
  2. From the Accounting Year drop-down, select the relevant accounting year.
  3. On the Tasks bar, click Add Accounting Periods. The Add Accounting Period window appears.
  4. Select the required Time Processing Category (for example Dailyor Weekly), and click OK. The prompt Are you sure you want to add these time processing categories to every accounting period created? appears.
  5. Click Yes. The months will populate displaying the start and end dates for each month of the year.
  6. Click OK.

  Watch how we add an accounting year and perform related tasks