Zavanti ERP only allows for 3 open financial years, therefore users are required to periodically close and archive historical financial years. This manual is a step-by-step guide on how to close a financial year.
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 This data cannot be modified once it has been archived.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
Please note that information is not lost when performing the end of year financial roll over. Eg. 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.
•Ensure all invoices, receipts, journals etc have been posted in every module.
•Print a copy of the General Ledger Listing for the year to be closed.
•Print a copy of the Receipts and Payments Listing for the year to be closed.
•Complete a Bank Reconciliation.
•Backup your database.