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SUPPORTING QUALITY EDUCATION  
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END OF YEAR

After Finalizing End of Year, a new Ledger is opened for the start of the next financial year.

Balance Sheet balances are carried forward to the New Year. Adjustment entries may still be entered for the old year. When all prior year adjustment entries are complete, the old year should be finally closed off.

End of Year Processing is very quick, and there is no printout from the process.

The END OF YEAR option should be selected as soon as the calendar date for the year-end is reached.  Once this process has been run:

  1. You may still enter adjustment entries and print financial reports for the old year
  2. You may commence entry of transactions for the New Year.

During the end of year process, the following things happen:

  1. The Year's transactions become the Prior Year transactions, and the new year starts with a clear transaction file.
  2. All Income & Expenditure Finance Codes have their balances reset to nil.

 

  1. Total Profits or Losses for the Financial Year (indicated by Income and Expenditure Finance Codes) are placed into the Retained Earnings Finance Code as Accumulated Profits.
  2. Balance Sheet Balances are brought forward from the Prior Year
  3. The Ledger searches for a Retained Earnings Finance Code before it starts the end of year process, and if none is found, the end of year process is discontinued with a message:

Before you finalise the YEAR, you must Insert one   Retained Earnings with Finance Code ... Code Type 'R'.

After END OF YEAR processing, the General Ledger Menu shows a further option: PRIOR YEAR

PRIOR YEAR:

This is a  'gateway' menu option. When you select PRIOR YEAR, you pass through a gateway to the PRIOR END OF YEAR LEDGER.

Screens have splashes of yellow to remind you in which Ledger you are operating. Most of the Menu options are the same, so that the same type of transaction entries and reporting can be done in EITHER Ledger (i.e. either the Prior End of Year OR the Current Year Ledger).

 
 
 
 

General

Printouts and Reports

Passwords

End-of-Year


 
  
             
             
             
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