How do I process a year end?
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Revision as of 16:56, 25 February 2011 by Tim Laundon (talk | contribs)
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Contents
Summary
The following article outlines how to Process a year end.
Things to Consider Before Closing the Year
If you use an external accountant or accountancy firm to audit your accounts at the end of the year they may give you a list of adjustment journals to be done. These must be posted before the Year is closed.
 | TIP : Something else to bear in mind is if you wish to have your Profit to Date (Z995) figure to be zero at the beginning of the new year you will need to do a manual journal from Profit to Date (Z995) to Retained Profit and Reserves (19901) before the year end is ran. This process is optional. For Help with this refer to the Posting Cashbook entries article in the see also section below. |
 | REMEMBER : A backup MUST be taken once all pre year end procedures have be done, marked Year End and the year that you are dealing with e.g. Year end 07-08 and put aside. |
Closing the year
After carrying out all the necessary processes outlined in the month end article for the final month of your financial year, and you are happy with all printouts, you need to run the following 2 clear downs:
Profit & Loss Report
- Go to "Nominal Ledger" -> "Profit & Loss" -> "Change Report Range".
- In the "Start Date:" and "End Date:" fields, enter the date range for your entire financial year.
- Now press <Esc> and then run "Audit Trail & Clear Down".
Balance Sheet
Go to "Nominal Ledger" -> "Balance Sheet" -> "Audit Trail & Clear Down".
Once you have completed the above 2 audit trail and cleardowns,
- Go to "Reports & Parameters" -> "End of Year".
When you get the message : "Current Financial Year is 01/<start month>/<year> to 31/<last month>/<year>. Continue (Y/N)".
- Press "Yes" to close off the year.
 | If you get a message that says "Unprocessed data found in the Sales, Purchase or Nominal Ledger" click here to take you to the article that outlines how to clear down the unprocessed data. |
See also
- Clearing any unprocessed transactions at a year end
- Setting up the Platinum Backup Program
- How do I send a Printout to a File?
- Posting Cashbook entries
