With the end of financial year fast approaching, it’s time to get your firm ready.
The End of Financial Year (EOFY) Processing Guide for 2024 will be accessible in mid-June and you'll receive another email notification once it's ready. However, here are some preliminary steps to get you ready:
- Check your System Control Report to ensure there are no errors. This is from Periodic Processing tab, select View System Control Report. Go to the Messages tab and ensure that there are no messages with 3 asterisks. If you do have any imbalances, these should be rectified as soon as possible. We recommend that you check this each week leading up to 30 June 2024.
- Ensure that any journals for the year ending 30 June 2023 have been entered, as these will not be able to be entered once the database has been rolled.
- Check your outstanding Debtors in case you need to write off any bad debts; your Accountant can assist you with these.
- Check your unbilled WIP to write off any WIP that will not be recovered so its not carried forward into the new financial year.
If you need assistance in rectifying any errors with your system, please lodge a ticket via LawMaster Support with details of the errors.
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