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End of Financial Year (EOFY) guide for accountants
End of Financial Year (EOFY) guide for accountants

Learn about the EoFY process from an accountants perspective.

Updated over 2 weeks ago

10 Steps for a smooth EoFY in Farm Focus

1. Ensure appropriate access via a Workspace

You will need organisational admin or subscription admin access to the Farm Focus database. This is best managed by having a workspace. A workspace:

  • ensures the right people in your organisation have the right access at the right time to all databases in your control

  • improves security and privacy for your clients

  • unleashes the ability to lock databases and customise Farm Focus reports with your logo

  • includes a certification process for staff

  • all activity by workspace members is auditable.

2. Clear the 'Needs Action' screen

Ensure no outstanding invoices or bank transactions remain in the Needs Action screen from the previous financial year.

Common Issue: Rogue Invoices

  • Occurs when both the invoice and bank transaction are coded separately, leaving the invoice unmatched in the 'Needs Action' screen.

  • This can cause double counting—resolve before exporting to the general ledger.

Steps to resolve:

  • Payment basis clients: Save important attachments before deleting rogue invoices (move to Document Storage).

  • Invoice basis clients: contact our customer success team for assistance (tel: 0800 888 080)

3. Confirm coding accuracy

Ensure coding is sensible and accurate for meaningful EoFY reports.

Check coding using Section 4 Analysis by Code (ABC) of the Accountants Annual Report (AAR).

  • Run an eyeball test for misclassified transactions.

  • Fix errors in Farm Focus first to prevent recurring mistakes.

Best practices for re-coding:

  • Individual edits: Use the View icon > Edit button directly from Section 4 Analysis by Code (ABC) of the Accountants Annual Report.

  • Bulk recoding: Go to the Actuals > Completed Page > Coded lines

    • Tick box selection for multiple transactions.

    • Shift-click for a range of transactions.

    Learn more

GST Considerations:

  • If a code change affects GST type, you may need to file a late GST claim. Learn more.

4. Check balance roll-overs

Check last year’s closing balances match this year’s opening balances, for bank accounts, accounts payable and accounts receivable.

Steps:

  • Compare last year’s AAR closing balances with this year’s AAR opening balances.

  • If they don't match, do further investigation to identify backdated or edited transactions.

  • Moving forward use the Lock Date feature in Workspaces to prevent accidental changes.

5. Check closing debtors & creditors

Ensure all transactions are correctly assigned to the right Financial Year.

As a minimum check milk income, stock sales, and Farmlands are in the correct Financial Year.

Review transactions in the Completed screen. Go to Actuals >Completed Page > Transactions

  • Sort by Invoice Date

  • Adjust any misdated transactions. Remembering it is the invoice date that determines the financial year.

  • If there is no invoice, add an invoice date to align with the financial year by using the contextual menu > Add an invoice date.

  • If there is an invoice and the invoice date is incorrect, open the matched invoice and edit the invoice directly.

6. Confirm bank accounts are balanced

If your clients use bank feeds they should automatically be balanced.

Always confirm this using AAR >Section 1 Balancing.

If they are not balanced investigate further in the Balancing page.

Go to Actuals >Balancing

Look for:

  • Deleted Transactions (restore if needed)

  • Manual entries (verify with bank statement)

    Learn more

7. Verify key documents are attached in Farm Focus

Minimise physical paperwork. Store all important documents in Farm Focus either attached to the associated transaction or in document storage.

  • Check key invoices are attached from Section 4 Analysis by Code (ABC) of the AAR.

  • Add additional documents to transactions retrospectively if required.

  • Encourage clients to create a folder called EoFY documents in their Document Storage to store all critical EoFY documents you need in one place. eg:capital items, insurance policies.

8. Ensure all new codes are mapped

Before exporting, all Farm Focus codes must be mapped to your General Ledger.

How to check & map codes:

  • Go to Settings > Codes > Farm Codes (map all new codes).

  • Check mapping in the AAR Report (Section 2 Summary or Section 4 ABC):

    • Green shows mapping has occurred

    • Red signifies that an accounting code has not yet been mapped. Go to Settings >Codes farm Codes to undertake the mapping

Also map the General Ledger codes. Go to Settings > Codes > General ledger account codes

  • Bank accounts

  • Accounts Payable & Receivable

  • Suspense accounts

  • Tax codes (Input, Output, Nil, Exempt)

If codes are not mapped in Farm Focus first, they will default to "suspense" code in the General ledger creating extra work.

9. Save the AAR

Retain a copy of the AAR for future reference.

Before exporting, print a copy or save a PDF copy of the AAR.

Steps:

  1. Select "Display all sections" in AAR.

  2. Save to Document Storage for backup or store a copy in your firm’s records.

10. Export to the General Ledger

Farm Focus supports direct exports to:

  • Xero

  • MYOB

  • CCH iFirm

  • APS

Export process:

  1. Go to: Reports > Export to GL

  2. Select GL software

  3. Choose the financial year

  4. Select Accrual View (recommended) or Payment Date View

  • Why use Accrual View?
    Includes debtors & creditors

  • Eliminates manual accounts payable and receivable journal entries.

If using Payment Date View, accounts payable and receivable must be manually journaled using AAR Section 5.

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