End of Financial Year Procedure

End of Financial Year Procedure - Office Account

11/06/2025
Knowledge

How To

The End of Financial Year process for Office Account includes tasks that you need to complete in both LEAP and your accounting platform, either QuickBooks or Xero.

What You Need to Do in LEAP

Ensure you have uploaded all journals to your accounting platform.

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Desktop: Click the LEAP Menu > Settings > Application Settings.

The LEAP Application Settings will open in a new window.

Web: Click > Settings > Application Settings.

The LEAP Application Settings will open in a new window.

Click Accounting > General.
Enter the new Financial Year Start Date.
Click Save.

That’s all you need to do in LEAP - the rest of the end of financial year process is done in your accounting platform.

What You Need to Do in QuickBooks or Xero

The process for closing a financial year in QuickBooks or Xero will include the following:

Backing up your data file before processing any adjustments
Reconciling each of your accounts
Reviewing your accounts and reports
Liaising with your accountant regarding the end of year adjustments
Backing up your data file after processing adjustments
Start the new financial year

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It’s a good idea to compare reports from within LEAP to reports in your accounting platform. Some LEAP reports to compare to your accounting platform may include the Matters Financial Summary with Ageing Report, the Invoices Report, the Office Payments Report and the Office Receipts Report.

Refer to your accounting platforms i.e. QuickBooks or Xero help guides for instructions on how to close a financial year.

Last Modified Date

11/06/2025 3:28 am

Title

End of Financial Year Procedure - Office Account

URL Name

End-of-Financial-Year-Procedures-Office-Accounting

Resolution