Use this Window to view Accounting Year parameters and to set up a new Accounting Year. At the beginning of each month, the system’s Accounting period must be manually updated to reflect the current accounting month. Without doing this, invoices or transactions will not be able to be produced. The fields in the window are described below followed by instructions on setting up a new Accounting Year.
Parameters & Lists > Accounts > Accounting Years.
The field in the top left corner of the page shows the Year that is currently available for editing. Enter or Search to view a different year.
To the right of the Year field is where you can view a full description of the year you are creating. For example, if 2012 is showing in the Year field Year 2012 will display in the description field. This description can be changed to suit the needs of your company.
The date the specified year begins. This allows you to adjust your calendar year to match your accounting year.
The Date To field is used to enter the date the specified year ends.
Open Check box
This box will be checked if the selected year is open. When setting up a new Accounting Year, this box cannot be ticked before any accounting periods have been set up, ticking a period as open will automatically tick this box.
Current Check box
This box will be checked if the selected year is the current year.When setting up a new Accounting Year, this box cannot be ticked before any accounting periods have been set up, ticking a period as current will automatically tick this box.
Year Processing Check box
This box will be checked if End of Year Processing has taken place for the selected year.
There are two other tabbed pages. These pages hold details relating to the main Accounting Year parameters.
The Main page contains a grid listing the periods which in most cases will be months of the Accounting Year.
The grid contains the number, description and to & from dates of the period. To view or edit a period, double click on the period number.
There are also two columns called Open and Current, periods which are not open, users will not be able to create transactions and invoices in these periods. The current period, for example the month you are in will have a tick in the Current box, this needs to be manually changed when a new month or period begins so that accounting transactions can take place.
Click this button to begin processing transactions before the month end. This mid period process does all of below described in Period End, except it doesn't move unfinalised transactions to next period and doesn't mark the period as ended.
Click this button to begin processing all the transactions from the specified month. The Period End
2. Year End
The second tab is called for Year End. This Page is used to enter Year End parameters and perform year end processing. The page contains the following fields:
Next Year Field
This is where you enter the year following the current Accounting Year .
P&L Reserve Nominal Code
Enter or Search for, a relevant Profit & Loss Reserve Nominal Code.
Year End Processing Button (Exclamation Mark)
Click this button to begin the year end processing. The Year End Processing
Year End Transaction Code
The system enters the Year End Journal Transaction Code.
Setting up a New Accounting Year