Financial Year End

This is where you create and close your accounting year. You can also view the number of booked entries.

Before closing the accounts for the year, it is necessary to create a new financial year in order for your opening balances to be posted.

To prepare a new accounting year:

1. Click ‘Settings’ > ‘System setup’ > ‘Accounting year’
2. Click ‘New accounting year’ above the list area
3. Enter the desired date interval. The maximum period is 18 months.
4. Click ‘OK’
   

When an accounting year has been created it will automatically be divided into periods corresponding to the months entered.

Once created you can change your Accounting Year.

Year end procedure:

1. Click ‘Settings’ > ‘System setup’ > ‘Accounting year’
2. Click the ‘Close’ icon to the right. (If a dialogue box does not appear, please see the article about pop-up blocking.)
3. Click ‘Close’. This will reset all operating accounts, and transfer the balances of the balance sheet accounts to the new accounting year. Entries can be booked in a period despite the accounting year being closed. To include the latest changes in the new accounting year, close the old accounting year again.
   
4. Click ‘OK’
5. If you attempt to close your financial year and you get a message to say “Not all transactions have been posted” this means you have unbooked items sitting in your daybooks. Go to your Bookkeeping tab, click on each daybook menu option until you find the transactions relating to that financial year that have not been booked, and then book then. You can now go back and close your financial year.

1. Click ‘Settings’ > ‘System setup’ > ‘Accounting year’
2. Click the ‘Cancel closing’ icon to the right. (If a dialogue box does not appear, please see the article about pop-up blocking.)
3. Click ‘OK’

To close the period again simply click the `close´ icon again as described above.

1. Click ‘Settings’ > ‘System setup’ > ‘Accounting year’
2. Click the ‘Periods’ icon to the right.
3. Click the ‘Edit’ icon to the right
4. Check or un-check the ‘Barred’ box
5. Click ‘OK’
6. Return to the accounting year by clicking the link above the list area.