Changes have been made to eliminate the need for End of Financial Year backups to be run prior to performing the Inventory/Sales and Debtors Period Rollovers at the end of the financial year.

 

The Charge and Hold Liability Report, and the Goods Received without Invoice Report can both now be run for previous periods to see the data at the end of the selected period. This end-of-period data is only being captured from now on, so users will receive “Blank Report” if they try to run the reports for a period prior to May 2025. This allows for these reports to be produced and display accurate figures for the EOFY without having to be run at the point of the EOFY rollover.

 

The Inventory/Sales and Debtors Period Rollovers will no longer force the EOFY backups to be created, and the Create EOFY Data Backup item has been removed from the menu tree.

 

The update of these two financial reports means that all the reports required by accountants to complete EOFY returns can be run as and when required post EOFY. Please refer to End of Financial Year Standard Reports for Accountant for an updated list of reports that should be run once all transactions for the financial year have been finalised.

 

With these changes there are now no specific EOFY procedures for Inventory and Debtors. The only specific EOFY procedures that must be performed relate to Payroll and the General Ledger.