What is a financial year item?
In Focus, a financial year item is when:
- The event takes place in the last month of your previous financial year
- The bank transaction takes place in the first month of your current financial year
These transactions are commonly referred to as
- Accounts Receivable: amounts owed to you at balance date
- Accounts Payable: amounts owed by you at balance date
For livestock transactions, the Event Date will identify the financial year the transaction relates to.
- Leave the transaction date as the correct date the transaction happened in your bank account.
- Enter the event date to allocate the sale to the previous financial year.
Create an invoice in the Needs Action screen.
- The invoice date is the date the event took place and will determine the financial year.
Note: The due date is for your reference only and does not determine the payment date
- When the bank transaction takes place, match the transaction to the invoice. The matching process will identify the correct financial year for accounts payable and receivable.
What happens now?
In the Working Plan:
- Click View.
- Select Show Financial Year Items.
- Flagged items indicate that the transaction relates to a previous financial year.
- Next year Items will shown in the Future Financial Year column.
Financial year Items have a blue indicator showing the financial year. Click into the cell for more information.
End of Year Accounts
Financial year items will be show in the Accountants Annual Report:
Section 5: Workpapers for balance sheet: Lists opening & closing accounts receivable/payable and any journal invoices.