Updating and closing accounting periods

https://help.myob.com/wiki/x/CKc6Ag

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Accountants Enterprise with Practice Manager only

Once you've added accounting periods, you can make changes if you have incorrect dates.

You can close and re-open accounting periods as well as apply a timesheet lock date. Apply lock dates when you want to lock off data part way through a month.

AE / AO: To set a timesheet lock date

From the menu bar, select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
From the drop-down, select the Accounting Year.
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

From the menu bar, select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
From the drop-down, select the Accounting Year.
From the table, select the Accounting Period to be closed.
In the Tax column (AE), select the checkbox if applicable.

Closing the Tax period has consequences: You can't re-open a closed Tax period.
Check all receipts have been allocated and reports reconciled before closing a tax period.
Only tick the Tax checkbox if you're using the VPM to MAS 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 closed, the entries are locked off.

An exception report will display if there are any unposted entries. See Exception report when closing a period (AE) or Exception report when closing a period (AO).
Click OK to save the changes and close the Processing Time Setup page.

AE / AO: To re-open an accounting period

Re-opening an account period (month) should only be done in specific circumstances. For example, a receipt may have been allocated against the wrong invoice dated in a prior period.

To fix this:

Re-open the prior accounting period(s) (month(s)).
Reallocate the receipt against the correct invoice.
Close the re-opened accounting period(s).

When re-opening periods, open the most recent period back to earliest period required. For example, to unallocate a transaction in July when you're currently in November, open October back to July.

From the menu bar, select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
From the drop-down, select the Accounting Year.
From the table, select the Accounting Period to be re-opened.
In the Closed column, select the checkbox which will remove the tick and re-open the period.
Click OK to save the changes and close the Processing Time Setup page.
R eallocate the required entry.
Close the re-opened accounting period(s).

AE only: To edit an accounting period

From the menu bar, select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
From the drop-down, select the Accounting Year.
Click the row containing the accounting period you want to edit.
Overtype the existing text to change the description (if applicable).

Enter a maximum of 100 alphanumeric characters for the accounting period name.
Enter the Start and End Dates for the period (if applicable). 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

From the menu bar, select Maintenance > Maintenance Map > Time Setup > Processing Time Setup. The Processing Time Setup page opens.
From the drop-down, select the Accounting Year.
Click the row containing the accounting period you want to delete.
Click to highlight the entire row.
Press [Delete]. A Confirm Delete message displays.
Click Yes. The Accounting Period is deleted.
Click OK to save the changes. The Processing Time Setup page closes.