How to run Year End
Key Concepts
- Period 000 is the Opening Period from the last FY
- Period 100 is used to post adjustments to after the FY has been closed
- Period 101 is the Closing Period (12 periods + adjustments from Period 100) and is what is rolled into Period 000 of the next FY
Preparation
- Create the next FY, it's periods and ensure Period 000 of the next FY is open to receive journals
- Ensure everything from the FY you are running Year End for is posted. Ensure the 'In Progress' list view for the following objects is blank:
- Sales Credit Notes
- Payable Credit Notes
- Journals
- Cash Entries
- Sales Invoices
- Payable Invoices
- View the Trial Balance, Balance Sheet, etc reports to ensure you are comfortable running Year End
Run Year End
- As running Year End is an intensive process, please run it at a time when the system is not being heavily used. I.e. after COB or a weekend.
- Go to 'Accounting Companies' and select the current Company
- Under 'Related', click on 'Years' and pick the FY you wish to run Year End for
- On the Year's detail page, populate the following fields:
- Retained Earnings GLA
- Suspense GLA
- Click 'Start Year End' button and click 'Run Year End'
- Process is complete when 'Status' on the Year page says 'Complete'
- Go to Journals and check that the Year End journals have been correctly posted to Period 101 and 000
Adjustments
If you need to run adjustments after running year end:
- Create manual Journals against Period 100 of the FY
- Go to Year as per steps #1 and #2 above
- Click on 'Process Adjustments' button. This will take the adjustments made in Step #1 and update Period 101 of current FY and Period 000 of next FY
- This process can be run multiple times, just re-open Period 100 before Step #1