When all final journals have been processed against a company for a financial year it will be necessary to close the financial year. This process set the periods to “Audited”, clears the Profit and Loss accounts in the General Ledger and calculates the Retained Earnings. Once periods have become “Audited” it is no longer possible to process any transactions into that period, they can only be reported on.
Closing a financial year will perform the following:
•Post “Closing Year” Journals to all of the Profit & Loss accounts in the General Ledger, and post the difference to the Unappropriated Profits account held in the General Ledger defaults.
•Archive any data in the “Year to be Archived” section. This data cannot be modified once it has been archived.
•Mark all the financial periods in the “Year to close” as Audited. Transactions cannot be posted to audited periods.
•Change all “Forecast” periods to future, so that each period for the next financial year is available to be rolled into
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Information is not lost when performing the end of year financial roll over. E.g. any jobs created in an archived year but are still open will not be archived. Information is still available until the job is closed, and the job is able to be modified until the next end of year is performed. |
1. Ensure all invoices, receipts, journals etc. have been posted in every module.
2. Print a copy of the General Ledger Listing for the year to be closed.
3. Print a copy of the Receipts and Payments Listing for the year to be closed.
4. Complete a Bank Reconciliation.
5. Backup your database.
6. Ensure all periods for all modules are set as closed before closing the financial year.
7. Open the Systems Maintenance module
8. Click on the Close Year Icon
9. Select the Company using the drop down menu.
10. The Current Year, Year to be audited and Year to create Up to will be displayed.
11. A message “Have you printed cheque listings for the Year to be closed?” will be displayed. Click Yes
12. A message “Have you printed receipt listings for the Year to be closed?” will be displayed. Click Yes
13. A message “Have you printed General Ledger listings for the Year to be closed?” will be displayed. Click Yes
14. A General ledger Post Journals box and Printer Selection will be displayed. Select the Printer and click OK
15. When completed a message will be displayed “Close of Financial Year Completed Successfully”. Click OK
16. Close the Systems Maintenance module
