The following article provides you with guidelines to follow when preparing for End of Financial Year (EOFY) processing including setup for the new financial year.
NO ROLL OVER
Unlike some accounting systems, there’s no requirement in JCurve ERP or Netsuite to do a roll over into the new financial year. Simply create your new Financial Year Accounting and Tax Periods and continue processing as normal.
CREATING YOUR ACCOUNTING & TAX PERIODS FOR THE NEXT FINANCIAL YEAR
In order to continue transacting into the next financial year, you will need to ensure that you have created your Accounting Periods and Tax Periods.
Please review the following article:
If you are using payroll within JCurve, please note the following:
Note: NetSuite customers using Advanced Payroll will need to contact their payroll supplier directly for further instructions on PAYG processing.
PAYG Payment Summary Processing Overview:
The below article outlines how to process your employee payment summaries (Group Certificates).
New Financial Year Changes
- Any future increases in Employer Super Contributions will be effective for all Pay Runs processed with a Pay Date of 1st July onwards.
Note: Any employees not already set to the standard employer super contribution rate may not be updated - anyone in an unusual situation or with workarounds that are not using the standard employer contribution field may need to have manual adjustments made.
- Customer accounts will start to be upgraded with the new financial year's ATO Tax Tables the week prior to EOFY.
- The new financial year's Leave Calendar will also be available in Employee Centre.
BAS: PAYMENT OF GST AND PAYG
To ensure you haven't missed any back dated transactions or adjustments, run your BAS report for the whole year and deduct what you have already reported / paid.
Should you require additional information on End of Year for BAS, please refer to our BAS - Payment of GST and PAYG article.
CLOSING OFF PREVIOUS ACCOUNTING PERIODS
To help you close off previous accounting periods, the following article will provide you with a checklist of considerations:
END OF MONTH PROCESSING
The following article can be used as an ongoing checklist to work through end of month processing.