Roll over to the next tax year

Modified on Mon, 17 Jun 2024 at 01:21 PM

Before rolling forward to the next tax year, you may wish to take a version of the data or lock the prior year.

Simply use the "Goto" menu located in the top right corner of the screen and select the next tax year. No further action is needed.

When you roll over into the new tax year, the system will roll forward the following data from the prior year:

  • Entity details
  • Chart of account – the account codes, account names and any completed mapping (income statement, balance sheet and tax return) will be retained
  • Workpapers –  any workpapers that were added
  • Breakdowns  
  • Temporary differences
  • Capex register – the sections remain the same and the closing balances from the prior year become the opening balances for the new year
  • Tax losses
  • Capital losses (for AU entities)
  • Supplementary dividends (for NZ entities)
  • Imputation credit account or franking account
  • Tax payments
  • Tax notes, types and categorisations

Any modifications made to the new year will not affect the prior year. For instance, if you remove a permanent difference workpaper in the new year, it will still be present in the prior year.

As long as the tax calculation for the prior year remains unlocked, you can freely work in both the prior year and the new year.

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