Updating and closing accounting periods

https://help.myob.com/wiki/x/g5o6Ag

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Accountants Enterprise with Practice Manager only

Once you've added accounting periods, 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's best practice to set up the time processing periods on a month to month basis. This stops employees from entering future timesheets. Future dated entries can cause issues 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) if applicable.

Closing the Tax period has consequences. You can't re-open a closed Tax period.
The Tax checkbox should only ticked if you are using the MAS export utility. This will stop changes to your data.
If you've closed your accounting period and run your tax reports, you can close the tax period.
If you're not using this function, you can close the accounting period as per Step 5. If you close the accounting period, you can re-open it.
Select the checkbox in the Closed column to mark the accounting period as closed. Once the accounting period is closed, no changes can be made to data in that month.

An exception report will be generated if there are any unposted entries.
- If there are draft timesheets (AE), you can't close the accounting period until deal with the entries.
- If there are draft bills dated in that month, you can't close the accounting period until deal with the entries.
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.