7 Steps to Conquer EOFY (Financials and Assets)

If your financial year ends on 30 June, the sticky notes on your desk are by now likely taking over any leftover free space that you were hoping to preserve this time around. EOFY season is traditionally stressful and the additional challenges brought upon businesses by COVID-19 are considerable. But fear not, we are here to help you. This blog is intended to give you a concise to-do list for running Financial and Assets Year End in SapphireOne.

Please note that processing Payroll Year End is a little different than the procedures needed for Financials and Assets. In our previous blog, we provided a step-by-step guide for a smooth roll over of your Payroll into the next tax year.

You do not need to close your financial year at a specific date and financial Year End can be processed well into the next year. However, you may be legally required to perform an annual stocktake for tax purposes by 30 June. Therefore, many companies choose to run Year End for Assets and Financials separately. If you perform the rollover procedures at different times, you will have to re-run some of the steps.



  • 1. Run Month End

  • Make sure that all month end tasks have been completed for Financials and Assets. These include:

    • Send Statements
    • Review Budgets
    • Record Asset Depreciation
    • Lodge BAS/IAS Submission
    • Review all essential Reports
    • Reconcile any other information with source documents available to you

    In most Instances at the end of a financial year you will have run Payroll Month End and then Payroll Year End earlier than you would need to Financials and Assets, as you cannot process any new Payruns for the new financial year until this has been completed (Payroll Year End Blog). Therefore we recommend running “Period End Financials “ and “Period End Assets” separately if this is the case. Alternatively if you are ready to process Month End for your Financials and Assets before you process a new Payrun in the new Financial Year then you can run Month End All, followed by End of Year Payroll and then it is possible to process End of Year Financials and Assets when you are ready.

    Run month end within the SapphireOne Application
  • 2. Perform Stocktake

  • Australian tax law requires you to record the value of all your trading stock on hand as at the end of your income year (30 June). For this purpose, you need to keep records of all transactions related to buying, maintaining, repairing and selling business assets or stock in order to be able to substantiate any amounts and values stated in your tax return.

    A Stocktake is performed once all transactions affecting inventory quantities and values for the financial year have been entered and posted so before you commence stocktaking, make sure you have finalised all transactions.

  • 3. Backup of Data File

  • Once you are prepared to undertake financial Year End, it is mandatory to create a master backup of your data file. Also verify that the backup can be read and store it in a safe location before rolling.

  • 4. Conduct Data Maintenance

  • Minimise the chance of any errors occurring by running the Re-Index on your SapphireOne server and ensure a Data Compact has been done.

    For extra precaution, you can run the Year End procedure on the Single User application with a copy of your data file beforehand to familiarise yourself with the process and to avoid any adverse results when running it on your live data file.

  • 5. Unlock all Periods

  • For processing Year End all periods need to be unlocked. Note that you need to do this for all seven functionalities in the dropdown (but not for Payroll).

    Go to: Utilities > Controls > Company > Page: Periods and Taxes > Select Unlock All

    Unlock all period
  • 6. Process Year End

  • You have the option to run Year End Financials and Assets simultaneously if you have finalised all required steps for both modules at the same time. All you have to do for this is tick “Include Asset” when opting for Year End Financials.

    However, it is very important to remember not to tick “Include Payroll” as you will have most likely already run Payroll Year End previously.

    Process year end within the SapphireOne Application
    The Year End Rollover is a fairly straightforward process and SapphireOne requires you to tick all checkboxes containing the steps required before you can finalise your EOFY.

    • a. Assets
      • Commence your EOFY processing for Assets by:

      • Producing all Reports
      • Checking all Depreciation is up to date

      • Then go to: Management > Management > End of Year Assets

      • Enter the last period for the year (e.g. “12” if you run a 12-period-year)
      • Tick all completed checkboxes and click “continue”

      • Note that you cannot post your depreciation for the first month of the new financial year until you have rolled over.



    • b. Financials
      • Perform the EOFY Rollover Procedures for Financials by:

      • Post all Transactions
      • Reconcile and Print –
        • Trial Balance
        • Standard Balance
        • Income Statement
        • Balance Sheet
        • Aged Clients and Aged Vendor Balances
      • Reconcile Bank Accounts with Bank Statements
      • Run GL Audit Report
      • Finalise Statements
      • Verify and Complete all Client and Vendor Allocations

      • Then go to: Management > Management > End of Year Financials

      • Enter the last period for the year (e.g. “12” if you run a 12-period-year)
      • Tick all completed checkboxes and click “continue”


    • 7. Check Periods

    • Once you have successfully run your End of Year for Financials and Assets, you need to check the periods.

      Go to: Utilities > Controls > Select the Company > Page: Periods and Taxes

      There is a total of seven functionalities in the dropdown that you need to check the periods for:

      • “Assets” once you have run Assets Year End
      • “Clients, Vendors, Time Sheets, Sales Analysis, General Ledger and Projects” once you have run Financial Year End

      Make sure that period 1 is the correct finish date according to your data file. In the example below, period 1 ranges from 30 June 2020 to 31 July 2020.

      It is easy to lose oversight of all the administrative tasks that need to be performed during EOFY and it pays to be prepared.

      Please make sure to follow our instructions above so that financial Year End is smooth sailing for you and your team. Our friendly support team is also available to give you a helping hand. All you need to do is book a support call with us!

      You can find year-end deadlines and more information on this ATO page.

      Frutex has been stocktaking smoothly with Sapphire WebPack

      Frutex stocktaking warehouse
      Frutex's Frozen Stocktake section (-20℃)
      Frozen Storage of 3500 Pallet Spaces – Frutex’s has just completed the frozen storage facility on the exisiting site (-20℃)
      Dry Storage of 7000 Pallet Spaces – Frutex’s has just completed new dry storage facility on the exisiting site

      Frutex, who has been a client with us since 1999 is currently getting ready for EOFY. Their site entails 60,000 square metres with total of seven warehouses. The company is a technology leader in the food industry, investing heavily in state-of-the-art plants and equipment.


      Harry, who is the IT & Marketing manager of Frutex, says:

      “Heads up, we are stocktaking today using SapphireOne’s new improved multi-warehouse support, with live stocktake visual map updates, which shows us what’s been counted as we go along…. it’s been great working with the SapphireOne team who have worked tirelessly over the last couple of weeks to make this possible for us.

      We recently built a new warehouse / freezer / production facility that adds over 12,000 pallet spaces to our warehousing that is now a total of 44,000 pallets of dry and frozen storage.

      Using Sapphire’s WebPack we are able to stocktake the entire facility in 2 days, with 15 teams of stocktakers working simultaneously on iPads, we also have recently installed a new 10G ubiquity network utilising over 100 UniFi devices with 100% site Wi-Fi coverage and over 100 surveillance cameras monitoring the site. The entire operation is easily managed by a very small IT team and monitored via iPad and iPhone apps.”

      Frutex’s Warehouse

      Frutex is a user of the Sapphire custom Web Pack, which is fully integrated into all company warehouses and offers warehouse mapping as a functionality. This allows all stock to be tracked and viewed live on portable iOS devices over a company’s Wi-Fi. Their stocktaking incorporates a total of nine locations.

      For more information about all the benefits of SapphireOne’s integrated ERP, CRM, DMS and Accounting Software solution, sign up for a live demo with us. Here you can also read more testimonials from our long-standing clients.

      Are You Ready for Payroll Year End?

      Preparing and processing your Payroll Year End only takes 8 simple steps


      Preparing and processing your Payroll Year End only takes 8 simple steps and by following them closely, you will smoothly roll over into the new financial year.



      COVID has turned the world upside down in 2020 in so many aspects. From an accounting perspective, Payroll has had to carry the brunt of it with the introduction of JobKeeper. On top of that, employees have chosen to sacrifice parts of their salaries in order to help struggling companies survive during these unprecedented times.

      If you are working within Payroll, it is understandable that Payroll Year End has been the least of your worries. However, small mistakes can lead to dire consequences. Not to worry though – we have got you covered! In this blog, we are providing you with guidance on how to get your business prepared for Payroll Year End.

      1. Review of Balances and Settings
      2. Before processing your final Pay Run, make sure that you have revised your closing balances and all of your Allowance settings, especially if something was altered in 2019/20. During this process, you can also go through all current employees’ payroll details and payments to ensure they are up to date.

        If you are claiming JobKeeper payments and are a little worried that you are not complying with the ATO’s criteria, have a read through our JobKeeper step-by-step guide.

      3. Reconciliation of Posted Pay Run
      4. Use Payroll Year End as an opportunity to revise any of your company’s checklists and reports that make up your workflow to ensure that all your prior reconciliation activities for posted Pay Runs in 2019/20 have been flawless.

        We also recommend at least verifying the General Ledger Audit, Transactions Audit and Trial Balance.

      5. Run Final Pay Run
      6. Now process your last Pay Run of the financial year as you usually do on a weekly, fortnightly, or monthly basis.

      7. Finalise STP Declaration
      8. Every time you process a Pay Run, you also have to submit your STP Report to the ATO and SapphireOne automatically transfers all employees’ tax and super information.

        However, when it comes to Payroll Year End, the ATO requires an additional STP finalisation declaration. It entails the confirmation that Payroll Year End has been completed for the current financial year and that all values are final.

        If you employ 20+ employees, the declaration is due on the 14 July. If your company has 19 or less employees, you have until the 31 July to declare your STP Finalisation.

        Luckily, submitting it only requires a couple of quick and easy steps in SapphireOne:

        Go To: Payroll/HR > History > Pay Run Log / STP

        Click on:      STP Submit

        In pop-up window:     Tick “Final Pay of the financial Year” and confirm and tick the 3 declarations below it

        payroll year end

        The option of re-submitting the STP Report with opting for “This is an Amendment” only applies for category changes in the Allowance settings (Payment Summary / STP Position).
        For example, if you have added an additional allowance in 2019/20 but did not set it as Gross Salary by default, it is set as Not to be Printed and it will not be reported to the ATO. Note that the amendment option is not intended for re-submitting any alterations in your Payroll figures after you have reversed a Pay Run.


      9. Run End of Month
      10. It is very important that you run Period End for Payroll for the last month of your financial year before processing your Payroll Year End, otherwise you will end up in the wrong period!

        This means that when running your Payroll Year End, your Payroll will be in period 13. Your last Pay Run for the financial year has to be in period 12 and not in period 1 or period 13.

        Important things to remember:

        • When you have started a new pay in period 12, do not process it in period 13. Run Payroll Year End first and then process it once you are in period 1 of the new financial year.
        • Do not post your last Payroll of the financial year after processing Year End.

        Remember that your Payroll period is different to that of your Financials. When Payroll is in period 12, your General Ledger and other financials may be, as an example, in period 12 or 24.

        It is vital that you review your final Pay Run results before you submit your Payroll End of Month as you cannot correct any errors in your data entry afterwards. This is due to the fact that SapphireOne has now implemented a security mechanism preventing Pay Runs to be processed in the wrong financial year. Once you have run Month End to roll from period 12 to period 13, you cannot reverse and re-run Payroll in period 13.

      11. Post Payroll Year End
      12. Your Payroll is now all set for processing Year End. As a reminder, verify that your Payroll is, indeed, in period 13 and not still in period 12 or already in period 1.

        Go to : Management > Management > End of Year Payroll

      13. Update Periods and Taxes
      14. Once you have successfully posted your End of Year Payroll, you need to update the periods and taxes for Payroll.

        Go to : Utilities > Controls > Select the Company > Page: Periods and Taxes > Select: Payroll > Manually change the Finish Date for Period 1 to the next Payroll year.

        For example, as we were in 2019 you will have to set it to 2020 for the current year. By selecting “Auto Fill” (Select: Increment by Month) the year will be adjusted automatically for all other periods in the screen.

        update period and taxes
      15. Import Tax Scales
      16. You are almost done! The last step requires you to import the tax scales for Payroll if they have been updated already.

        Once the ATO releases the new tax rates, you will receive a reminder email from SapphireOne to make sure that you import them into your system.

        Go to : Utilities > Utilities > Sapphire Functions > Dropdown: Payroll >

        Then select: ImportTaxRatesTCP (or Text, if required)

        import tax scale
        If you follow all of the eight steps outlined above, you will hopefully find it easy to get through processing Payroll Year End quickly and without any issues.

        We at SapphireOne are here to support you through the procedures to make sure your Payroll Year End runs smoothly. If you have any questions or need any further assistance, please book a support call and our friendly IT support team will help you out!

      Why former MYOB AccountEdge users on MacOS Catalina should consider SapphireOne

      Why former MYOB AccountEdge users on MacOS Catalina should consider SapphireOne

      As recently announced by MYOB, it is walking away from its MacOS product AccountEdge as it is unable to make it compliant with Catalina. Many business owners are now faced with the difficult question of how to smoothly transition to an alternative product. SapphireOne is a highly functional and user-friendly accounting software that has been running on MacOS Catalina since its implementation in October 2019. It is a unique application due to its ability to remove much of the complexity of accounting. Instead, it replaces it with practicality and efficiency regarding all daily business operations.

      SapphireOne is a highly functional and user-friendly accounting software that has been running on MacOS Catalina.

      Switching to this accounting vendor from MYOB AccountEdge will open up companies to a vast range of advantages, a few of which will be introduced to you in this blog:

      1. Upgrading to MacOS Catalina without any interruptions
      2. SapphireOne has been MacOS-compliant since 1986 and consistently managed to seamlessly transition its clients to the newest versions released by Apple. Although AccountEdge users will still be able to run the programme even if they choose not to update their computers, they are, in essence, just delaying the inevitable as other applications will eventually stop functioning under MacOS Mojave. Therefore, it is highly recommendable for these users to switch to a substitute as soon as possible as the size of their data files to be migrated is growing day by day.

      3. All-inclusive software with no expensive add-ons or upgrades
      4. When implementing SapphireOne, business owners will be able to enjoy multiple functionalities that are all part of the system. It prides itself in a “no hidden costs” policy. Many other ERPs on the market today use a single functional system and interface it with add-on modules. This can become expensive to implement in the long term as each individual module attracts its own costs and licensing. SapphireOne is all-inclusive, providing access to every module via a single toolbar which includes: Accounts, Inventory, Job Projects, Assets, Payroll/HR, Management, Utilities and Workbook.

      5. Immediate support available via phone or email
      6. The on-call IT support team is available to its customers via email to help them with any queries they may have or issues they encounter. You can also book a support call via the SapphireOne website for a specific time at which the team will contact you and assist you over the phone. During the implementation process, extensive training will be provided to all relevant staff members. Comprehensive manuals, which are updated regularly, are available to all clients. The SapphireOne community website also offers multiple explanations of the most commonly used functionalities and features.

      7. Managing ERP, CRM and DMS in one single application
      8. The access to the database is available in real-time and to an unlimited number of users. As it leverages off the database back end, optimal processing speed can be ensured. It is a platform-independent system, meaning transitioning from MacOS to Windows or vice versa poses no issue. If required, you can also run both operating systems concurrently. It also provides an integrated VoIP Telephone system, enabling calls to be made to contacts using softphone technology. Further, it offers web access allowing data to be entered or retrieved from any browser touchpoint including smartphones and tablets. Within just one single application, the user can manage documents (DMS), conduct resource planning (ERP) and maintain all customer relationships (CRM).

      9. Vast range of partners
      10. SapphireOne partners with platforms and add-ons to meet the changing requirements of its clients. Its API gateway supports bulk data imports from various sources. The APIs are integrated regularly, and high importance is placed on R&D to accommodate for the latest technological innovations and advancements. To date, SapphireOne has partnered with Shopify, Australia Post, PayPal, BigCommerce, Channel Advisory, the ATO and many others to help its clients in advancing their business. Due to its “no hidden costs” approach, there are no additional subscription fees for these services and tools from SapphireOne.

      11. Applicable to small- and large-scale companies
      12. AccountEdge is mainly targeted at small businesses, whereas SapphireOne caters to all business owners, whether they are long standing traditional companies, small-scale businesses or rapidly growing start-ups. For instance, on the one hand, it incorporates all currencies, tax realms and unlimited business locations within one single data file. On the other hand, it also streamlines processes for smaller companies saving them valuable time. Foreign exchange control is automated in the application which alleviates the strain on accounting staff of companies operating on an international level.

      Once you have opted for SapphireOne, you will not have to pay for add-ons to enjoy the full extent of all eight modules. This is especially beneficial to start-ups that may not require all functionalities available just yet but they can already familiarise themselves with the entire system. As a result, they will not be facing any additional expenses once their requirements of a software grows, alongside the size of their business.

      If you are currently a customer of MYOB AccountEdge and want to upgrade to MacOS Catalina, SapphireOne is the perfect substitute for you. The application will streamline your processes with ease and improve your current business intelligence by delivering an efficient and easy-to-use solution for all your accounting activities.

      Please contact us to request a live demo and/or read the testimonials from our long-standing clients.

      Make Your Life Easier with SapphireOne’s Integrated Document Management

      Benefits of Integrated Document Management system of SapphireOne

      Some more so than others, but nearly all types of transactions involve paperwork needing to manually be sorted through and filed appropriately. This process is time-consuming and quite frankly, not very exciting for any accounting team member. However, SapphireOne has developed a solution readily available to your company as it offers an ERP software application with an integrated document management.

      An ERP framework is a versatile accounting tool that supports the incorporation of different segments of any day-to-day business, ranging from processing of orders to managing inventories and shipments etc. Metaphorically speaking, an ERP software is the ‘Swiss army knife’ of data management. If it is coupled with an integrated document management system, the process of filing any paperwork stemming from various business activities becomes a walk in the park, as the two components work hand in hand to facilitate efficient and effective document management for any organisation or company.

      The Benefits of Integrated Document Management

      There are five distinct advantages for you and your company related to adopting SapphireOne’s  ERP solution in respect of document management tasks such as sorting, searching and filing:

      1. Time- and Labour-Efficient

      An ERP system with the capacity for integrated document management allows you to conveniently sort and file large amounts of paperwork created by various transactions electronically with ease. The process also becomes much less labour-intensive, meaning your accounting team can shift their focus on more productive tasks.

      2. Fluidity and Departmental Integration

      The ERP solution offers the possibility of making your company function like one single beehive, interconnecting it on all fundamental levels and consequently, enabling instantaneous sharing of information between all departments, which leads to a high degree of fluidity that is desirable for any type of business. For instance, the customer service team will not need to contact the accounts department anymore in order to retrieve details on inventory, locations, taxes, customers or any other relevant information. Instead, any department can access all data directly via an ERP dashboard.

      3. Privacy and Security

      Any integrated management of documents via an ERP software application enables the implementation of a risk-stratified security protocol for accessing sensitive information contained within them. As a result, you can effectively specify and monitor who is able to, as well as who actually accesses, any protected data.

      4. Lower Management Expenses

      Unlike manual processes of organising, filing, sorting and searching paperwork, electronically managing documents incurs no additional expenditures for printing and storage of such. Further, it also reduces the need of allocating valuable human resources to tasks such as searching and filing of documents, as these can be attended to electronically i.e. in a more efficient manner. A reduction of paper consumption also has the positive outcome of improving the eco-friendliness of your company.

      5. Improve Decision-making Process

      An ERP compatible with integrated document management enhances your as well as your employees’ decision-making skills. By easing the access to all relevant data and information pertaining to branches such as sales, expenses and general transactions, all possible options and outcomes can be weighed up. Resultingly, the decision-maker can rest assured that the ultimate outcome is based on a foundation of thorough research. It is essentially the accumulation of such critical decisions that determine the fate of a company.

      The integrated document management system offered by SapphireOne excels with its capacity of attaching documents to transactions and all major tables. If you would like for your business to be able to take advantage of all the aforementioned benefits, it is as easy as implementing SapphireOne’s world-class ERP, CRM & Business Accounting Software. Please contact us to request a live demo and/or read the testimonials from our long-standing clients.

      Increasing Workflow Efficiencies of Managing Payments

      Increasing Workflow Efficiencies of Managing EFT Payment processing

      The manual payment method in Accounts Payable processing is a time-intensive process for your Accounts department. In addition, any manual operation creates the possibility of human error which can result in inconvenient effects on the production flow and costs. Although a manual Accounts Payable workflow is scalable to a certain extent, it will become inefficient and unviable in cases where a large volume of invoices needs to be processed on a daily basis. 

      Electronic payments are digital transfers of payments from your Enterprise Resource Planning (ERP) or Accounts Payable system to the supplier’s designated bank account via a Bank’s payment portal. Any electronic payment significantly reduces the burden of managing payments manually. Although the creation of an electronic Accounts Payable process is a challenging task, setting up an automated workflow for Accounts Payable leads to substantial efficiencies for your company.

      EFT Processing for Accounts Payable

      EFT Processing for Accounts Payable

      Electronic Fund Transfers (EFT) are commonly used for deposits of Accounts Payable. They constitute a safe and convenient option of processing payments. As a result, EFTs have become the predominant method of transferring funds for both businesses as well as consumers.

      Facilitating the Accounts Payable function by using EFTs offers numerous benefits, including the below:

      1. Reducing Workload and Scope for Error and Fraud
      2. Instead of manually handling all incoming invoices, all data is entered into the Accounts Payable system and payments are made via EFTs which are processed by the bank. Cheques, in comparison, may be lost, misplaced or obtained fraudulently and also require a significant amount of paperwork that consumes valuable storage space. Your Accounts Payable team will also be able to focus its time on more value-adding tasks.

      3. Optimizing Cash Flows
      4. An electronic exchange of purchase invoices not only allows for faster processing, but also enables improved tracking of all expenditures, as the software records any transaction being made. The traceability derived helps to improve the management of the cash flow, increases the precision of financial statements and it also allows for easier auditing.

      5. Improving Buyer-Supplier Communications
      6. Electronic invoices increase the transparency of their processing for both the supplier and the buyer, which aids in avoiding, as well as in resolving disputes between the parties.

      Enhancing Accounts Payable Processing Time with SapphireOne

      SapphireOne offers the ability for electronic payments by preparing an electronic payment file to be processed by the buyer’s bank. These files are prepared in accordance with the format prescribed by the Australian Bankers’ Association (ABA file) and all major Australian financial institutions use them to record payments to be made from one bank account to one or multiple others. The information contained within an ABA file includes the payer’s and payee’s bank details and the amount to be paid, with any file being able to hold information on multiple payments as well.

      Before you can prepare an electronic payment file in SapphireOne, you will need to complete the electronic payment set-up tasks. Once you have recorded all payments to suppliers you want to pay electronically, you can prepare an ABA file. Once created, you can upload it to your bank for processing of the payment.

      Setting Up Vendors for Electronic Payments

      Go to: Accounts > Payables > Vendor Inquiry > Vendor Terms Page > Select: EFT checkbox and Provide: Account details

      Setting Up Vendors for Electronic Payments

      Creating Payment

      Go to: Accounts > Payables > Payments > Create: Payments > Select: Vendor and Click: Tool > Create: Payments > Select: Invoice or invoices > Green tick

      Creating Vendor Payment

      Generating ABA file

      Go to: Accounts > Payables > Payments > Print: Payments > Select: Bank > Print: Dialogue is displayed > Select: Your Report Type and Method (In this case it is ‘Remittance’ and ‘ABA File for EFT’) > Print > Select: Vendor for generating ABA file > Save: ABA file

      Generating ABA file
      ABA Company Info

      ABA files allow you to pay any invoices through your internet banking provider. However, each provider has a different set of instructions on how to process ABA payments, which you will need to follow in order to complete any transactions.

      Please book a support call via our website, in case you have any questions or need any further assistance.