Updating and closing accounting periods

https://help.myob.com/wiki/x/Xpo6Ag

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Accountants Enterprise with Practice Manager only

Once accounting periods have been added to your financial year, you may need to make changes if there are incorrect dates. You can also apply a timesheet lock date as well a close and re-open accounting periods.

It is not best practice to set up the time processing periods for the whole financial year in advance. Employees can then enter future timesheets in error. This can cause problems when reconciling reports.

This help topic guides you through updating your time processing periods.

AE / AO: To set a timesheet lock date

Select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
Select the Accounting Year from the drop-down.
Enter a Timesheet Lock Date for the accounting year. Enter a date in the format dd/mm/yyyy or select it from the drop-down calendar.

This means you can't enter or amend timesheets before the nominated lock date. This enforces employees to complete their timesheets by a specified date.
Click OK to save the changes and close the Processing Time Setup page.

AE / AO: To close an accounting period

Select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
Select the Accounting Year from the drop-down.
Select the Accounting Period you wish to close from the table.
Select the checkbox in the Tax column (AE).

Select the Tax checkbox only if the accounting 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.
We generally only recommend ticking this option where you are using the MAS export utility (AE sites only) as once both the tax period and an accounting period has been closed, you can't re-open them; whereas if you just close the accounting period, you can re-open it.
If you are not using this function, there is no need to close the Tax period; you can just close the accounting period as per Step 5.
Select the checkbox in the Closed column to indicate that the accounting period is closed.
- If the accounting period is closed, the period will not be available for posting any entries such as timesheets in that accounting period.
- If the application contains draft timesheets (AE), you cannot close the accounting period.
- If draft bills exist within the application, you can close the accounting period.
Click OK to save the changes and close the Processing Time Setup page.

AE / AO: To re-open an accounting period

Select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
Select the Accounting Year from the drop-down.
Select the Accounting Period from the table to be re-opened.
Select the checkbox in the Closed column which will remove the tick and re-open the period.

When re-opening periods, you will need to do this in reverse order from the most recent period back to earlier periods. If you need to unallocate a transaction back in July for example and you are now in November and all periods have been closed up until October, you will need re-open each month from October back to July.
Click OK to save the changes and close the Processing Time Setup page.

AE only: To edit an accounting period

Select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
Select the Accounting Year from the drop-down.
Enter the name of the accounting period in the first blank Description field at the top of the table. The description is limited to a maximum of 100 alphanumeric characters. Overtype the existing text to modify the description.
Enter the Start and End Dates for the period. Enter the dates in the format dd/mm/yyyy or select them from the respective drop-down calendars.
Click OK to save the changes and close the Processing Time Setup page.

AE only: To delete an accounting period

Select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
Select the Accounting Year from the drop-down.
Click the row containing the accounting period you want to delete.
Click to highlight the entire row.
Press [Delete]. A Confirm Delete message is displayed.
Click Yes. The Accounting Period is deleted.
Click OK to save the changes and close the Processing Time Setup page.