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Managing an accounting period
Accountants Enterprise with Practice Manager only
When adding a new Accounting Year, it is best practice to setup the Time Processing Periods for each month as the prior month is ending.
It is not best practice to set up the time processing periods for the whole financial year in advance. Having all periods available for selection when creating timesheets can lead to timesheets being entered for future periods in error.
This video guide steps you through creating the new accounting year and the time processing periods for the first month of the new year.
To set up or edit an accounting period
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Select Maintenance > Time Setup > Processing Time Setup on the main menu or Maintenance > Maintenance Map > Time Setup > Processing Time Setup.
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Select the Accounting Year from the drop-down.
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Enter the name of the accounting period in the first blank Description field at the top of the table.
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Enter the Start and End Dates for the period.
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Select the checkbox in the Tax column.
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Select the checkbox in the Closed column to indicate that the accounting period is closed.
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Click OK.
The Processing Time Setup page opens.
The description is limited to a maximum of 100 alphanumeric characters.
Overtype the existing text to modify the description.
Enter the dates in the format dd/mm/yyyy or select them from the respective drop-down calendars.
Select this checkbox only if the tax period has been closed and if you have run the tax reports for the period and do not want to make any further changes to the tax in this period.
If the accounting period is closed, the period will not be available for posting the next time you access the window and you cannot enter or post timesheets into that accounting period.
If the application contains draft timesheets, you cannot close the accounting period.
If draft bills exist within the application, you can close the accounting period.
To save the changes and close the Processing Time Setup page.
To close an accounting period
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Select Maintenance > Time Setup > Processing Time Setup on the main menu or Maintenance > Maintenance Map > Time Setup > Processing Time Setup.
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Select the Accounting Year from the drop-down.
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Select the Accounting Period from the table to be closed off.
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Select the checkbox in the Tax column.
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Select the checkbox in the Closed column.
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Click OK.
The Processing Time Setup page opens.
Select this checkbox only if the tax period has been closed and if you have run the tax reports for the period and do not want to make any further changes to the tax in this period.
To indicate that the accounting period is closed.
If the accounting period is closed, the period will not be available for posting the next time you access the window and you cannot enter or post timesheets into that accounting period.
If the application contains draft timesheets, you cannot close the accounting period.
If draft bills exist within the application, you can close the accounting period.
To save the changes and close the Processing Time Setup page.
To delete an accounting period
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Select Maintenance > Time Setup > Processing Time Setup on the main menu or Maintenance > Maintenance Map > Time Setup > Processing Time Setup.
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Select the Accounting Year from the drop-down.
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Click the row containing the accounting period you want to delete.
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Press [Delete].
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Click Yes.
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Click OK.
The Processing Time Setup page opens.
Click
to highlight the entire row.
A Confirm Delete message is displayed.
The Accounting Period is deleted.
To save the changes and close the Processing Time Setup page.