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Year End Processing

 

Creating New Periods

Firstly check that the new periods are not already defined. You must create the periods for the new fiscal year at the latest at the end of the year and before the balance is carried forward.
To prevent accidental postings into the new fiscal year, we recommend that you do not create the new posting periods too far in advance. Otherwise, these periods will be active by default based on the system date.

Posting periods can be found via, Administration → System Initialisation → Period tab. Click new to bring up the screen below, 

YE1

 

Selecting New Period will bring up the screen below, define the periods accordingly. 

YE2

 

Period-End Closing

To carry forward the balances of the P&L accounts to the corresponding account in the balance sheet (or several different balance sheets), you can use the PERIOD-END CLOSING function. You can store the result initially as a report and then post them at a later stage.
If you make postings after the balances carried forward have been entered, you need to rerun the period- end closing routine to include these subsequent postings.

Period-End Closing can be found via, Administration → Utilities → Period-End Closing 

YE3

 

Enter in the period year as well the corresponding months that are to be included from the period. Enter in the retained earnings, in both retained earnings and period end closing fields. Click on execute once parameters have been entered. 

YE4

 

The period end closing report will open; enter in the relevant dates and remarks where applicable. All accounts will need to be approved before being executed, double click on the header to approve all. The user can either execute the run immediately or save it to be executed at a later date. Choose the appropriate option.

Closing the Period

Setting the current period only applies to one work center. This means that you can use the authorisation for period definition to control which users can define a period as current.

Administration → System Initialization → General Settings → Posting Periods You can protect previous periods against accidental postings:

• Active = No → Documents from sales can no longer be posted.

• Locked = Yes → No further journal entries can be made.

After the posting deadline for the sub ledgers, you need to ensure that postings are no longer performed in the old fiscal year. To do this, all users must set the first period of the new fiscal year as "current". The last period of the previous fiscal year can be set to "locked" and only opened for year-end postings in a very controlled manner. 

 

 

 

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