General EOFY FAQs

Sometimes, the end-of-financial year process can be daunting or confusing for people, especially if you haven’t been through the process before.  Here are some typical questions that you might find yourself asking along the way, and some answers from us:

 

  • Is there training on EOFY?
    • Yes we can certainly arrange training – just let us know
  • I’m trying to enter a transaction and it’s saying there is no period for that date?
    • What type of transaction are you entering?
    • What date are you entering?
    • What period is showing on the screen?
    • If the calendar says July, have you rolled into the new financial year yet?
  • How do I do a backup?
    • We can provide a free utility to do a backup for you, or it may already be configured (and we’re happy to check!)
  • How do I fix this 1c imbalance?
    • One cent imbalances are usually due to exponential rounding and cannot be corrected from the front end. We can correct the imbalance for you directly on the database – just let us know where you are seeing the imbalance.
  • How do I get rid of these Direct Postings in my Reconciliation Report?
    • These transactions are there for auditing purposes, generally you should only have opening balance and foreign currency system generated transactions appearing in this list.
  • I had a problem Last year rolling, how do I stop it from happening again?
    • What was the issue you had last year? Would you like us to run through the process with you to ensure everything is running as expected? (NB. Ensure you follow best practice – post all sub ledgers to the general ledger, printed/saved all required reports (as per their normal end of month process + a stock valuation report)
    • backup
    • check Financial year/Next Year dates
    • roll
  • I’ve accidently rolled twice
    • Did you take a backup?
      • If yes we will need all users to get out of EXO so we can restore the backup (and there may be transactions that need to be rekeyed)
      • If no we will need 2-4 hours to fix this (and all users to stay out of EXO Business)
  • My Creditors /Debtors Report doesn’t match my Balance Sheet
    • OK, when was the last time it reconciled/balanced?
    • Is everything posted to the GL?
    • Which Reports are you running?
    • We can do some initial checks to find out when the imbalance occurred. During these checks it is sometimes possible we will find the cause of the imbalance, the initial checks generally take between 30 – 45minutes.
    • If these checks do not resolve or uncover the cause of the imbalance we will need an additional 1 – 4 hours of budget per period that requires reconciliation to complete a thorough reconciliation.
  • My Stock Report doesn’t match my Balance Sheet
    • OK, when was the last time it reconciled/balanced?
    • Is everything posted to the GL?
    • Which Reports are you running?
    • Does the Stock/Purchase Clearing account have an account balance (up to the same period)?
    • Are you on Periodic or Perpetual stock?
  • What’s this amount in purchase/stock clearing?
    • This is the amount of stock been costed in but not ‘drawn down’ into an invoice.
    • To check costings not drawn down into an invoice follow these steps;
      • Create a New creditor Invoice
      • ‘Toggle Mode’ (button) to Stock
      • Click the dropdown box next to Goods Receipt and select Inwards Goods
      • Clear the name from the Supplier box and press Search. There should be no results in the grid (when all dates are selected)
  • What’s this amount in on-cost clearing?
    • This is the amount of stock “on-costs” that have been costed in but not ‘drawn down’ into an invoice.
    • To check costings not drawn down into an invoice follow these steps;
    • Create a New creditor Invoice
      • ‘Toggle Mode’ (button) to Stock
      • Click the dropdown box next to Goods Receipt and select On Costs
      • Clear the name from the Supplier box and press Search. There should be no results in the grid (when all dates are selected)

 

Pre-EOFY Roll

  • Can I/I need to/ I’m trying to roll into July without rolling the Financial Year?
    • No, EXO Business does not allow you to roll the Period & Year separately. July is the first period In the new financial year, when you create the new period the new financial year is also created.
  • Do I need to do anything for fixed assets?
    • Yes, there is a separate rolling procedure for fixed assets. However this is usually done at the same time your FBT is due.
  • Does it matter if users are logged into EXO whilst I roll?
    • It is best practice to have all other users logged out whilst the roll process is underway.
  • Is there anything Special I need to do for EOFY?
    • Like any EOP roll process it is recommended to take a database backup and ensure no users are in the system whilst the rolling process is underway.
    • There are only a few differences between and EOP Roll and an EOFY Roll
      • The new financial year calendar is created
      • P&L balances are zeroed out and a one sided Retained Earnings journal is posted
      • Additional journals will go through for any transactions posted back to the prior year
      • This Year Account balances will become Last Year balances
  • Do I need to do my stock take before rolling Year End / Financial Year?
    • From a system point of view no, you can start and complete your stocktake in July and post back any variances into June if required from an accounting point of view. However it is best practice to have a saved/printed copy of the stock valuation report at the time of rolling.
  • Do I / can I / need to click on the Financial Year button?
    • It is best practice to click on this button before rolling into the new financial year to ensure the new periods are created correctly.
  • What if the Next Year tab is blank?
    • Depending on your version of EXO Business you may be able to use the ‘Copy’ button on the toolbar. If you can’t see the copy button we will need to do a shared screen session with you and do this in ExoConfig.
  • The Next Year tab has the wrong dates
    • Depending on your version of EXO Business you may be able to use the ‘Delete’ & ‘Copy’ button on the toolbar, to clear and re-create the Next Year periods. If the dates are still not correct you can double click on each period and toggle the ‘dates in period’ button (off then on). If the dates are still not correct then toggle the ‘dates in period’ option to off and key in the correct dates.
  • Is it Ok if I don’t roll all the periods now?
    • It is best practice to Roll all the ledgers together, once rolled you can lock the ledgers that you don’t want users transacting in.
  • Does it matter that the system says there are unposted transactions?
    • It is best practice to post all sub ledgers to the general ledger prior to running the end of period/year roll.
    • However EXO Business is specifically designed to cope with posting into prior periods after the new period/year has been created.
  • I don’t think I ticked the End of financial year button?
    • OK let’s check, if you go into a General ledger account that has a balance. You should see on the right hand side of the screen the list of periods. If you have rolled you should see July under the heading Current Year and the 12 prior periods above it.
    • Now go into a Debtor Account that has an account balance. You should see in the top black box on the right hand side of the screen some figures that say ‘This year’ & ‘Last year’. This year should be zero.
    • Now go into a Creditor Account that has an account balance. You should see in the top black box on the right hand side of the screen some figures that say ‘This year’ & ‘Last year’. This year should be zero.
  • Do I need to do anything with Fixed Assets from End of financial year?
    • If you don’t have any disposals to process then usual month end process – Wait two weeks, and then sort out fixed assets and click the end of month button (inside fixed assets)
    • Else If you do have disposals – Process disposals before rolling EXO end of period (and then the usual process)

 

Post-EOFY Roll

  • I’m running a PNL report for July and its blank?
    • This is because the EOFY roll sets the current balance of the P&L to zero. The total of the P&L accounts for the last financial year will become a one sided retained earnings journal in July.
  • My Trial Balance for July is out but it was ok in June?
    • This is because the EOFY roll creates a one sided retained earnings journal in July. This is made up of the sum of the balance of the P&L accounts for the last financial year.
  • I’m running my trial balance for July and it’s not balancing but it balanced before I rolled?
    • This is because the EOFY roll creates a one sided retained earnings journal in July. This is made up of the sum of the balance of the P&L accounts for the last financial year.
  • I’m running a PNL for July and there are no budget values?
    • Have you created the budget for this financial year?
  • This (Period) screen has popped up what should I do?
    • If it’s the screen that has a list of the periods and dates, you need to check that the start and end dates are correct. If they are just close the screen, if not double click on each period and toggle the ‘dates in period’ button (off then on). If the dates are still not correct then toggle the ‘dates in period’ option to off and key in the correct dates.
  • I’ve just ran my payroll and it hasn’t taken any tax out?
    • This usually means you haven’t downloaded the compliance release that contains the new financial year’s tax tables
  • My (analytics) report is coming up blank?
    • Have you created the separate financial year for the Analytics reporting? Would you like to do a shared screen session for me to show you how to create it?
  • I’m trying to create a July transaction and EXO is saying that the date is not inside the financial year.
    • Have you rolled into July?
    • How did you roll the year?

 

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