The exact procedure at year end will differ for each business, however please see below for an overview along with some suggested reports.
New year – The new year can be opened before the previous one is closed. This is done in Setup > Open/Close Account Periods. It is likely that enterprises will then need to be created, this is done in Setup > Enterprises > Setup Enterprises.
Period 13 – The last day of the financial year is referred to as Period 13, this is often used for accountants adjustments only.
Bank reconciliation – Ensure that all banks are fully reconciled.
Stock – Ensure any stock values are correct.
Update date –Before sourcing reports for the completed financial year ensure that this date is set for the last day of the required financial year. This can be done by clicking the update icon from the home page or from within the report library:
Year end reports – The reports that are required will vary between businesses however we suggest the following which are in Reports > Report Library:
Audit Trails – Items Listing by Heading Code
Audit Trails – Heading Code Items Audit
Trial Balance – Extended Trial Balance Detailed
Balance Sheet – Movements – Detailed
Banks – Reconciliation Report
Suppliers/Customers – Supplier Balances and Customer Balances
Assets – Building Plant and Machinery Detailed
Click here for a printable document which gives information about successfully completing a financial year-end.