At year end when preparing to roll to the new financial year, is there anything we need to know in regards to budgets?

There are three items you need to know when rolling into the New Year in relation with Budget:

  • Entering Public Holidays is now a MUST at the beginning of the year. 
  • Financial Periods for the new Calendar year MUST be completed. 
  • Your Budgets will need to be recreated for the new-year

As part of your year end procedure you will need to create new Debtors and WIP periods for the new financial year. At this time we strongly recommend that you also create any Public Holidays to be used in the Timesheet console. 

If you add a new holiday mid-year and have Budgets in place, the Standard Hours in Budget console will not be updated automatically. You must use the 'Less Adjustment' to adjust the Standard Hours. 

NOTE: Using the ‘Less Adjustment’ field in Budgets to adjust the ‘Std Hrs’, this changes only adjusting the figure in the Budget Console. It will not adjust the Standard Hours in Timesheet nor in PracticeIQ. PracticeIQ picks up the Standard Hours from Timesheet Header. 

In this situation, to update the Standard Hours you will need to Reset the budget and re-apply any Non-Billable and Unavailable Time that was previously allocated for each week, from the start of the year. If your site has dozens of employees this can produce a large amount of work. 

As Practice Management software cater for regional holidays, this should make it much easier to get all your holidays in place and entered correctly. As a further suggestion, running an Internet search for Public Holidays should list several sites that will provide a list of public holidays for the current and new year.

Such as:

Related Products: APS Practice Management