At the close of every financial year you must do a Year End, essentially to clean up your accounts and allow the system to move to the next financial year.
To run the Year End, you can access the command via Nominal > Utilities > Year End
The Year End command will perform the following actions:
Transfer the period totals, both actual and budget, for the closing financial year as prior year period values for historical reporting purposes.
Clear account balances for profit and loss accounts.
Transfer or clear account balances for balance sheet accounts depending on your response to a question.
Remove transactions and journal images older than the number of years specified in the Keep Transactions/Journal Images box on the Nominal Ledger.
Update the Nominal Ledger – Set Options Form
Before running the Year End you must:
1. ALWAYS take a backup
2. Complete the Period End for the final period in the current financial year via Nominal > Utilities > Period End
Pegasus have compiled a checklist you should also consider (where appropriate):
Sales Ledger - Print reports and audit trails you want to keep, for example the Debtors Report, the List of Invoices and Credit Notes and the List of Receipts and Adjustments.
Purchase Ledger - Print reports and audit trails you want to keep, for example the Creditors Report, List of Invoices and Credit Notes and the List of Payments and Adjustments.
Service Management - Run the Worksheet Billing command, Contract Period Billing command and Process Expenses command to post sales documents to the Invoicing or SOP module.
Run the Process Stock Issues command and Process Stock Returns command to update the Stock module with the stock movements.
Cashbook - Reconcile your bank accounts in the Bank Reconciliation command.
Run the Reorganise command to remove items marked for deletion, reconciled entries and completed recurring entries.
Costing - Run the Payroll Transfer command to update the Payroll module with details of timesheets posted in Costing.
Run the Reorganise command to remove items marked for deletion and remove completed jobs up to a specified date.
SOP/Invoicing - Run the SOP/Invoicing Processing command and the Batch Processing command to post any outstanding invoices.
Run the Repeat Invoicing command to post any outstanding repeat invoices.
Fixed Assets - Print any required reports including the Statutory Movement Report.
System - Run the VAT Processing command to print any required reports and reconcile the VAT Control account/s with the VAT Return.
Run the Period End command in all relevant ledgers/modules
Nominal Ledger –
If your Nominal Ledger is linked to other modules [...]
You can find the full version of this article in our Support Portal. Click here
If you are not an Intsys Client you can ask for a 1 month free trial of the Support Portal and get immediate access to hundreds of help guides, training videos and frequent resolved issues. Read more