Year End Activities

At the end of the Year you need to close the

  1. Nominal Ledger
  2. Sales Ledger
  3. Purchase Ledger

Note that before you can perform year end routines you need to

  1. Be exclusively signed on.
  2. Close the previous year.

Click to find other activities you might need to perform before you close the Period.

Exclusive Sign On

Before you can perform period and year end routines you need to be exclusively signed on.

On the Start Page, tick the “Exclusive sign-on” box, then click “Sign In”

Close the previous year

  1. Go to Maintenance > Preferences
  2. Select Period Settings
  3. Tick the Close Previous Year box
  4. Click Save to finish.

Nominal Year End Roll-over

Year End Roll-over – to be run at Period 12, to open up a new financial year, and mark the current year as Last.NOTE: this routine does not close the Sales or Purchases, but allows both ledgers to continue to post into the current year, and into the period 1 only, of the new year.

  1. Go to Accounts > Nominal Ledger> End > Year End Roll-over.
  2. To continue click Next then follow the instructions.

This action will

  • close the nominal ledger
  • scan all nominal codes to confirm data integrity and conformity of balances across periods
  • move down by one financial year and initialize all nominal codes
  • calculate and post the profit / loss figure to retained earning account
  • return all profit / loss nominal codes to zero
  • update brought-forward balances for the balance sheet nominal codes and
  • trigger the start of a new financial year.

Note: Posting to both years

After you have run the year end roll-over, the sales and purchases ledgers remain open. At this point, you are able to post sales invoices into both years. This enables you to continue to enter backlog of invoices and payments meant for the old year, even as you have started entering invoices and payments for the New Year.

You are able to post purchase invoices into the old year only.

You are also able to post journal entries into both the current and last years.

However, when you close the sales ledger year or purchases ledger year, you will no longer be able to post sales or purchase transactions to last year.

Sales Ledgers Year End

Click on this option to post all outstanding Sales transactions into the Nominal Ledger, and close the current Year, where the current Period is 12 or Year End.

  1. Go to Accounts> Sales Ledger > End > Year End
  2. To continue click Next then follow the instructions.
  3. You can choose to post stock valuation as part of the sales year end routine.

Purchase Ledgers Year End

Click on this option to post all outstanding Purchase Ledger transactions into the Nominal Ledger, and close the current Year, where the current Period is 12 or Year End.

  1. Go to Accounts> Purchase Ledger > End > Year End
  2. To continue click Nextthen follow the instructions.