Accounting Years

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. 

 

Year

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.

Description

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.

Date From

The date the specified year begins. This allows you to adjust your calendar year to match your accounting year.

Date To

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.

1. Main

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.

Mid Period

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.

Period End

Click this button to begin processing all the transactions from the specified month. The Period End

    • moves all unfinalised transactions to the next period.
    • creates revenue reallocation journals for component items i.e. items used in other items.
    • updates the analysis and opening balance figures for nominal/cost code combinations.
    • mark the period as closed.

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

    • transfers all profit & balances to profit and loss reserve account. This can't be done until all the period ends have been run.

Year End Transaction Code

The system enters the Year End Journal Transaction Code.

 

Setting up a New Accounting Year

  • Go to Parameters & Lists > Accounts > Accounting Years in the main menu bar.
  • Enter the year in the Hot Area of the window and hit return, say yes to Add New Accounting Year?
  • Enter a description of the Year.
  • In the Main tab, add the periods (months) to this Accounting Year. Click on the New Button to the left hand side of the grid.
  • The period will automatically be given a number, enter a description of the period, e.g. January 2012.
  • Enter the first and last date of this period in the Date From and Date To fields.
  • Click on the Open tick box if this month is open i.e. can have transactions produced and Current if it is the current month. Ticking a period as open or current will automatically tick the year as open or current.
  • Click on the Done button to return to the Main grid.
  • Keep hitting New and following these steps until all the months have been entered.
  • Click on the green tick button to save.