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Knowledge BaseEnd of Financial Year Procedure - Operating Account
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End of Financial Year Procedure - Operating Account

  • Jun 10, 2025
  • Knowledge

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

  • Desktop
  • Web

What You Need to Do in LEAP

 

  1. Ensure you have uploaded all journals to your accounting platform.

 
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For more information about uploading journals, select your accounting platform below:

You’ll then need to set the new financial year within LEAP:

  1. Click the LEAP Menu > Settings > Application Settings.

    The LEAP Application Settings will open in a new window.

  2. Click Accounting > General.

  3. Enter the new Financial Year Start Date.

  4. 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 your accounting platform will include the following:

  • Backing up your data 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
 
Click to edit heading

 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 include the Matters Financial Summary with Aging, the Invoices Report, the Operating Account Payments Received Report, and the Operating Account Expense Paid Report.

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

What You Need to Do in LEAP

 

  1. Ensure you have uploaded all journals to your accounting platform.

 
Click to edit heading

For more information about uploading journals, select your accounting platform below:

You’ll then need to set the new financial year within LEAP:

  1. Click > Settings > Application Settings.

    The LEAP Application Settings will open in a new window.

  2. Click Accounting > General.

  3. Enter the new Financial Year Start Date.

  4. 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 your accounting platform 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
 
Click to edit heading

 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 include the Matters Financial Summary with Aging, the Invoices Report, the Operating Account Payments Received Report, and the Operating Account Expense Paid 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
6/10/2025 11:32 PM
Title
End of Financial Year Procedure - Operating Account
URL Name
End-of-Financial-Year-Procedure-Office-Accounting-US

Resolution
Operating Accounting
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End of Financial Year Procedure - Operating Account