Phoenix - User Help

FUNCTION

TASKS

HINTS

Reconciliation

 
 
1. Generate Reconciliation Report
 
 
 

- Print/Preview in reconciliation will display a Reconciliation Report. This report details any uncleared transactions.

2. Write off out of date, unpresented cheques or confirmed duplicate/unwanted transactions

- Use Write Off function if entries are in current Financial Year

 
- Contact us if there are balances in a previous Financial Year

Customers/Suppliers

1. Generate Aged Balance Report

- Confirm balances for each month
 
- Make corrections where required

2. Open New month

- Only action if the monthly balances are correct

Assets & Liabilities

1. Generate Net Worth report for current period

- Confirm balances are correct

- Update Asset values at least once a year

Assets

1. At least once a year; update values

- A dummy valuation with 0.00 transaction will keep the period current

Physical –
Livestock Accounts

1. At least once per year; Generate a Livestock Report for each separate Livestock Account.
 
 
 

- Confirm closing head against a recent physical count
 
- IE; Sheep as one report, Cattle as another
 
- Reconcile with Livestock module Livestock report
 
 
- Update livestock movements e.g. Deaths, Natural Increase, Transfers & Valuations

Physical –
Commodity Accounts

1. At least once per year Generate a Commodity Report for each Commodity Account

- Confirm that Closing Balances in each sub-account agree with current actual quantities and values
 
- Update commodity movements e.g. Production, Losses, Used, Transfers & Valuations

GST

1. Open GST Return

 
- Confirm Opening Balance is approx. equal to GST Paid or Refunded

- Confirm Closing Balance is approx. Equal to GST Refund/To Pay

2. Generate a Sheet + Transaction List report for the current quarter
 
 

- Review the GST Report ensuring FTC regimes are up to date

3. Complete Bas

- Use GST Report, FTC Calculations Summary & Wage summary reports (if applicable)

4. Finalise GST

- Action any reminders

General

1. Generate Trial Balance Report
 
 

- Confirm the trial balance report balances i.e., Total Debits = Total Credits

2. Backup and share data (if applicable) if not using Phoenix Live

- Send backup to accountant/advisor for review (if applicable)

- Backup to Phoenix Warehouse or other external location

Budgets

1. Compare actuals to projected

- Generate a budget comparison in Reports in Financials
 
- In Budgets use ‘Load Projected’ to replace budget figures with actuals to date

2. Forecast future cashflow balances

Payroll

1. Check that each employee has an email and a TFN recorded

If we run an ‘employee details’ report we will see this all in one place. Use ‘tax file number’ and ‘email’ as the search fields. Rectify any missing employee details

2. Check that each employee has their TFN lodged with the ATO

- Running the ‘TFN’ report will quickly compile this information
 
- Clicking the ‘show’ button will reveal all un lodged TFN
 
- To lodge these, click on the actions button and click lodge electronically.

3. Review the data to be lodged

- To review what will be lodged in the finalisation event the ‘gross to net’ report is ideal.
 
- Select only the current financial year in the date field and then select Run.
 
- Review these figures

4. Run a finalisation event

- To run the finalisation event, you will need to go to reports -> single touch payroll, in here you will see the Pay Events from throughout the year.
 
- Click on the Start Finalisation Event button and follow the prompts.

5. Notify employees of the completed finalisation event

- Once the finalisation event is successful you will be able to click on ‘actions’, where you can ‘send notification’. This will use the email addresses recorded in the employee list to send notification of this event.