| Year End Routine Accountants Enterprise and Series 6/8 only Links available from this help page: Prior to opening the new income year’s Tax Ledger, you must have prepared the previous year’s ledger so that, among other things, you do not roll over returns for clients for whom you no longer act. Such returns can be excluded from the Year End routine, by flagging them in the previous year ledger. To flag such returns, refer to Exclude tax returns from roll-over. The Year End Routine balances forward the lodgment details of all returns except those excluded from rollover. You will be prompted to run this routine when you first enter the new year's version of Tax.Returns excluded from rollover remain in the previous year's Tax ledger. The Year End Routine: Carries the Front cover details to the subsequent year's front cover. Sets Overseas pension and salary income dates to the next financial year. Brings locked returns into the new Tax ledger and keeps them locked. Resets lodgment levels and due dates according to the options you select. Updates Primary Production Averaging Income dropping off the earliest and adding the previous year. Updates Special Professional Eligible Income for Averaging dropping off the earliest and adding the previous year. Provides a checkbox to Clear Invoice amounts.
The Year End options offered to reset lodgment levels and due dates are as follows: Image Removed
Reset Tax Levels to Blank: By selecting this option the ATO lodgment level of every return transferred from the previous ledger will be reset to blank. If the Reset Tax Levels to Blank option is not selected, the ATO lodgment levels for the return: will be based on the previous year's assessment details, or if no assessment details were keyed in, will be based on the previous estimate details, or if no estimate was produced, will be based on the previous lodgment level.
Company and Superfund Classifications: This option clears the Company or Fund classification field on rollover. The Company and Superfund classification field is found by selecting Return Properties > PAYG/Lodge). Clear invoice amounts: If you do not want last year's invoice amounts to roll over, you must tick this box. If you leave this option unticked, a Message dialog will be presented to check that you have not overlooked it. If you answer: Yes, the amount you billed last year will roll into the amount field in the Return properties, Invoice tab. No, focus will return to the Year End screen so that you can tick that box to prevent last year’s amount from rolling forward.
Return Date DueDepending on your practice requirements, choose one of the four options described below. The most commonly used Return Date Due option is Reset using Tax Level. The selected option will be effective for all returns brought forward. No Change Required: The return retains its previous due date. Reset to Blank: The new due date is set to blank. Reset using ATO tax level: The due date is determined by the new year's lodgment level of the return, as determined by the ATO. For companies, the company classification and likely tax payable are also calculated. Increase By One Year: The due date is advanced by one year. For example, if a date due field was 15/05/2016 it will become 15/05/2017. How to Complete the Year End RoutineAfter selecting the options appropriate to your practice click OK to run the Year End routine. Once the routine is completed, you will be returned to Tax. The next step, if you want to process returns immediately, is to perform the Retain Schedule Data ( RSD ) routine to transfer data contained in the worksheets and schedules for the current year into corresponding worksheets and schedules for the next tax year.| UI Text Box |
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| You do not have to RSD the entire ledger at this time but can elect to roll over a batch or range of returns, or you can simply perform the procedure on a return-by-return basis as you commence work for the particular return. |
If you adopt the return-by-return basis for RSD and you need to share income between this return and another return in your ledger, then the return to which you are sharing must have been through the RSD process. PAYG/Lodge Back to Completing Forms and Schedules Exclude tax returns from roll-over The returns that are not to be rolled forward into the new ledger, such as returns for clients for whom you no longer act, need to be flagged in the current Tax ledger. These returns will remain intact in the current and any other prior year ledgers. This step is important for the accuracy of any statistical reporting that the Practice might do, particularly the Lodgment Monitoring program. It is important to note that you do not have to Exclude from Rollover returns that have not been completed and lodged in the current ledger, nor do you have to flag returns that were marked as ‘Final’ on the front cover of any return. The Exclude from Rollover checkbox is contained in Return Properties > PAYG/Lodge under the Current Year section of the dialog. This process can be carried out on a one-by-one basis or can be done in a batch using the Bulk Return edit routine. The Bulk Return edit routine is by far the most time-saving method and the procedure is as follows: Click Maintenance > Bulk Return edit. At the Return area to change field, click the ellipsis button. Highlight Exclude from rollover and click Select. Select Batch. Deselect Edit individually and select Override all (to apply the change to each selected return). Click OK at the warning message dialog. Click OK at the Bulk Edit return main window. The Select Returns for Update index of all returns on the system is opened.
Highlight and Select each return to be excluded. A green tick will be displayed in the left-hand column and each return with a green tick will be included in the Batch.
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| Hint: If you have sorted by Return Code, starting type the code and click [Enter] and a matching return will be located. Alternatively, sort by TFN, and start keying the TFN, with or without spaces, and click [Enter]. |
Click OK.
The Edit Rollover flag window opens.Tick the Exclude from Rollover checkbox. The program will tick the checkbox in the Return Properties > PAYG/Lodge tab of each of the returns in the batch. | UI Text Box |
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| Tax returns for any new client added to the immediate prior year ledger, after that ledger has been rolled into the new current year, will not be included in the current ledger and you will need to create the client and the return manually. Once you do this, the RSD (retain schedule data) menu opens to roll details from the immediate prior year into the current year.
Likewise, if you create a new return in a ledger for any earlier year, you must recreate it in each year chronologically up to and including the current. |
How to preview a Report on Returns Excluded from RolloverClick Reports > Flexi Report to open the Flexi Report Layouts index. If you have previously created your own Flexi Report layout for this report, select it. If not, select the Tax default report Flexi from the index.
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| Do not click OK until you have made all selections for any of Sorting; Layout; Range; Selection; and Filters as required. |
Click the Properties button. At the Flexi Report window if you want other than the last Page Setup selected, select a different Page Setup from the list and click OK. If you have flagged returns that are dealt with by different Partners, Managers, Employees or Agents and these have been established in the Staff tab of the Return Properties of the returns, and you wish to report separately by those staff definitions, you will need to change the sort sequence. Alternatively accept the Primary sort sequence default and all the returns so flagged will be included in a continuous report.
To sort by any of the Staff categories mentioned above, click the
Sorting tab and then select Secondary sequence.Click the Selection tab and select Yes at the Exclude from rollover? field. Click OK, and then click Preview button.
The sequence
Record Selectionwindow opens.Select the Sort Sequence for the report. The Primary sequence is by Return code; the Secondary sequence is by a Staff Code; and the Tertiary sequence offers other miscellaneous sort sequences for the layout of the report. Accept the Range default of First to Last by clicking OK. PAYG/Lodge Back to Year End Routine Retain Schedule Data (RSD) Options The RSD routine rolls return and worksheet information from the previous tax year to the new tax year. It can not be run until the Year End routine has been completed. It is most important to proceed through the Tab cards and check that the options in the RSD dialogs are correct. If you perform the RSD procedure on the entire Tax Ledger and the options chosen are not correct for your Practice, the routine needs to be run again. Default RSD optionsTax defaults the options that should be chosen so that your 2017 tax ledger contains as much historical information as possible and MYOB strongly recommends that you accept those defaults. If you have set your own defaults in a previous year, those defaults will be rolled over to 2017. Therefore if you were not satisfied with the results of the roll-over last year then it is strongly advised that you reset the defaults as shown in the following screenshots and read the information below on the function that each option performs. These options function in the same manner irrespective of whether you roll over the whole ledger or just a batch of returns or roll each return as you commence work on it. How to | UI Expand |
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: > Practice INSERTIMAGE  Image Removed > Practice default options > Retain schedule data. The General Tab window opens. These are the default options.
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Series 6 & 8 You may change these options but if you change Exclude returns not lodged in 2016, returns in their incomplete state, including returns you have not commenced work for in 2016, will be rolled over and subsequent work done in the 2016 ledger will not be in the 2017 return when you open it to do the 2017 work. In order to have any text entered in the 2009 return and to have comparative figures for the previous year, and the 2009 tax paid/refund amounts and PAYG Instalments paid information, you will have to perform the Force RSD routine for each such return. Therefore, we strongly suggest that you do not change this option. If you untick Update forms and Schedules as batch, then only the return that the cursor is highlighting will be processed. Leaving this option checked does not have any effect on those Practices that only roll over returns when they first operate on them. Exclude Returns not lodged in 2016This option applies only to Batch RSD. Many of the returns in your 2016 tax ledger will not have been completed and lodged by the time you start processing and lodging 2017 income tax returns. The Front cover will be rolled over but the tax return proper will only be rolled over when you elect to commence the 2017 work on that return. The alternative would be that you would have to re-enter a lot of standard year-to-year descriptions or ‘force’ the RSD procedure in order to have the up-to-date information correctly recorded in 2017. Exclude generic schedules with no dollar amounts | UI Text Box |
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| This option is selected by default. To ensure the integrity of values in the main form that are lodged with the ATO, we strongly advise that you allow the RSD program to exclude blank generic schedules from the roll-over. |
Rolling blank Generic Schedules from year to year is dangerous! Information that you think is at the return label can be overwritten if you integrate from a schedule or worksheet that has a zero balance. If you roll a blank schedule from one year to the next without reviewing the content in the new year then values imported from a general ledger will be overwritten if integration from the ‘rolled’ schedule occurs. Retain 2016 NotesThis option is set by default so that notes will roll forward. If you deselect the Retain Notes checkbox: > Schedule Deselecting this checkbox may be useful in the situation where you have a lot of unnecessary notes being rolled from year to year so as to remove the Notes that no longer apply to your clients. Alternatively, to maintain both types of notes manually select Preparation > Schedule Notes. Refer to Schedule Notes Index. If you need the details of a Note prepared in a previous year, you can open that year and cut and paste the Note into any return as required. Force RSD every return (AE)This option should only ever be ticked where a return has previously been through the RSD process and you have changed the prior year return because of an amendment to it, or you have been instructed to perform the routine again because of a change to Tax. You should never attempt to Force RSD on a lodged return. When you select this option every return that is included in the batch will be overwritten with the immediate prior year return details and if you have already commenced work on any of the returns in the batch, that work will be lost. An example of when you would use this feature other than for a single return is where you are in a position of having to perform the RSD routine again for the entire ledger or for a range or batch of returns. Clear All Selections (AE)Selecting this option will clear every tab on the RSD dialog and will void the entire RSD process. Therefore you would only do it if you wanted a clear screen to make new selections which, of course, could easily be done by unticking a checkbox you did not want and ticking a checkbox you did want. Execute (AE)In order for the RSD process to commence, you must select the Execute option. Click Execute or [Alt+X] to proceed to the next selection screen. Schedule W Roll Over OptionsIt is important to select the Schedule W roll over options for your practice. | UI Text Box |
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| The ATO does not want the Schedule W to be completed and lodged unless the taxpayer or the tax agent has been requested by letter received from the Australian Taxation Office to lodge one. |
The Tabs for the forms types contain the same options but only the Form I contains the Schedule W options. Prior Year Losses Worksheet (pyl) - Individuals Back to Practice Default Options Form I RSD OptionsINSERTIMAGE  Image Removed Retain alpha detailsSelecting this option rolls over all text entered in returns or schedules and worksheets, for example: Payment summary details. Financial institution details entered for Interest and Dividends, all Rental property details any other text entered. Retain numeric valuesThis would not be a recommended option to select as it will roll the same amounts that were entered in the 2016 return into the newly rolled over 2017 return. This could lead to errors if an amount from the previous year that was not applicable in the current year was overlooked when reviewing the return. Update Depreciation and Capital Works deductionsUnless you want to enter all your depreciating asset details each year, leave this option ticked. During the Year End and RSD routines, Tax moves Closing adjustable values to Opening adjustable values and automatically calculates depreciation for the current year. Carry forward capital and foreign lossesThis option should be left ticked so that Capital Losses, Foreign Losses and Excess foreign tax credits are carried forward to the new tax year in their respective categories and classes. You should give particular consideration to the Schedule W (ATO Work Related Deductions schedule) options and consider accepting the default of removing it and just using the Tax worksheets unless you have been advised by the ATO that you must lodge this schedule for all clients with work related deductions exceeding $300. If the Practice has more than one ELS lodging Agent and that Agent has been instructed by the ATO to lodge the Schedule W for all taxpayers with work related deductions greater than $300, click the Agent Maintenance button and make the selection for Schedule W rollover for the particular Agent. Agent MaintenanceThis links to the Agents index. Where the practice has more than one Tax Agent and that Tax Agent's details have been attached to certain returns in the Return Properties > Staff tab, the RSD program will search for any special requirements for individual Agents in regard to the coming year. Refer to Agents. Prior Year Losses Worksheet (pyl) - Individuals Back to Practice Default Options Forms C, F and MS RSD OptionsINSERTIMAGE  Image Removed Retain alpha detailsSelecting this option rolls over all text entered in returns or schedules and worksheets, for example: Payment summary details. Financial institution details entered for Interest and Dividends, all Rental property details any other text entered. Retain numeric valuesThis would not be a recommended option to select as it will roll the same amounts that were entered in the 2016 return into the newly rolled over 2017 return. This could lead to errors if an amount from the previous year that was not applicable in the current year was overlooked when reviewing the return. Update Depreciation and Capital Works deductionsUnless you want to enter all your depreciating asset details each year, leave this option ticked. During the Year End and RSD routines, Tax moves Closing adjustable values to Opening adjustable values and automatically calculates depreciation for the current year. Carry forward capital and foreign lossesThis option should be left ticked so that Capital Losses, Foreign Losses and Excess foreign tax credits are carried forward to the new tax year in their respective categories and classes. Prior Year Losses Worksheet (pyl) - Individuals Back to Practice Default Options Forms P and T RSD OptionsINSERTIMAGE  Image Removed Retain alpha detailsSelecting this option rolls over all text entered in returns or schedules and worksheets, for example: Payment summary details. Financial institution details entered for Interest and Dividends, all Rental property details any other text entered. Retain numeric valuesThis would not be a recommended option to select as it will roll the same amounts that were entered in the 2016 return into the newly rolled over 2017 return. This could lead to errors if an amount from the previous year that was not applicable in the current year was overlooked when reviewing the return. Update Depreciation and Capital Works deductionsUnless you want to enter all your depreciating asset details each year, leave this option ticked. During the Year End and RSD routines, Tax moves Closing adjustable values to Opening adjustable values and automatically calculates depreciation for the current year. Carry forward capital and foreign lossesThis option should be left ticked so that Capital Losses, Foreign Losses and Excess foreign tax credits are carried forward to the new tax year in their respective categories and classes. Prior Year Losses Worksheet (pyl) - Individuals Back to Practice Default Options | 
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