Why do I need to do a Tax Return Rollover?
The purpose of the Tax Return Rollover process is to roll Tax Returns from one year to the next.
The Rollover can be performed in bulk, by using filter criteria or at an individual Return level once the Standard Tax Matter for the new year (2020) has been created. The Rollover process must be managed and done by a staff member who understands why the Rollover is performed and what the results of the Rollover should be. If the person performing the Rollover understands the implications on the Tax Matters and their attached Returns the process is straightforward. We highly recommend an experienced staff member, preferably the Tax Administrator perform this process. The key of the Rollover is to ensure that the Returns are rolled at the appropriate time. The Rollover process impacts on the values available for the IR901 letters and needs to be fully understood.
APS considers that best practice is to complete the Tax Return rollover in stages. Firstly, roll all completed 2019 returns. Any returns completed after the initial rollover can then be rolled periodically; daily, weekly or fortnightly. Some practices choose to leave this process until just before the new Tax season starts and they roll all Returns at once. However, this will have an impact on early balance date returns as there will be no Provisional instalments available to populate the letters. The rollover function can be run as many times as required. Note: Not all returns have to be rolled at the same time. We strongly advise that you contact the Reckon Support Team if the person who manages your Tax Return rollover is unsure of the implications the roll options they select will have on the New Year’s Tax Ledger transaction dates and values.
Find out more in our NZ Tax 2020 Rollover Instructions
IMPORTANT - pg 37 in the NZ Tax 2020 Rollover Instructions the threshold amount in the screenshot should read $5000, we are in the process of correcting this. Please ensure that you enter $5000 in the formula, not $2500