I’m Tim Courtney, the new marketer looking after BankLink. Part of my role will include contributing to this forum regularly to keep you in the loop about all things BankLink.
To kick things off, the following information addresses varying aspects of the EOFY rollover process, depending on how you use BankLink Practice.
EOFY Process for MYOB BankLink clients
If you use BankLink for Financial Reporting then running the Year End Balances Wizard is advisable after all data (transactions and coding) have been entered and processed for the prior financial period. The wizard will close the income and expense accounts, enable allocation of profit/loss to a retained earning account, allow year-end adjustments to be processed, and establish now opening ledger balances for the new financial year.
It is an easy process to run in BankLink Practice and fairly user friendly (located via DATA ENTRY > YEAR END BALANCES) – Opens the Wizard
If you use BankLink as a data processing tool and export coded information into a General Ledger System for financial reporting then the best EOFY practice would be to:
Ensure that all outstanding client coding information is followed up on with clients and imported back into BankLink Practice (i.e. Outstanding BankLink Books, Notes, Notes Online files, Coding report).
Work through finalizes the coding so that it is ready to be transferred out into their General Ledger system.
Lock all finalized accounting periods from inside a client file via OTHER FUNCTIONS > HOUSEKEEPING > LOCK ACCOUNTING PERIOD
It’s a good time to tidy up the BankLink Practice system by reviewing the following:
Clean up the client list by Archiving or Deleting client files (Via SYSTEM > MAINTAIN CLIENTS) for clients no longer with the Practice
Reconcile SYSTEM > BANK ACCOUNTS list and Tax Invoice to ensure bank accounts are correctly marked as deleted in BankLink Practice (and any unneeded date feeds terminated)
Reviewing System users and Deleting out and old/invalid system users (Via SYSTEM > USERS)
If you have any questions around BankLink and EOFY, please ask away in the comments section below.