The operation is very similar to the normal month end operation except that:


  • P & L accounts will be cleared and the profit posted to reserves.
  • The Nominal Ledger year is advanced and it sets up the following year’s period end dates.
  • In addition the year after next dates must be stipulated.


During the Year End process the following will be done:

  • It will carry forward the ledger to the first period of the new financial year and clear the profit and loss accounts to the Revenue Reserve account set up in the system parameters, allocating a daybook number to the Brought Forward values.
  • If the Reserve account is one which is analysed by cost centre in the Balance Sheet, then an opening balance will be generated for each relevant cost centre.
  • The system will also prompt for the entry of the year after next period end dates.

Before you financial year end for Nominal Ledger you must ensure:


SL/PL/VSB have all been rolled into the new financial year


If using Asset Register, please ensure you have completed your year end process.


The system will check to see if the posting buffer is empty.  If not, a warning is displayed which you can override.   Please check carefully that there are no outstanding entries that are relevant.


NL / View Posting Buffer


Enter the last day of the period in the “To” field, the “Status “field should be blank and ensure that the Self box is unticked. Select Execute and no transactions should be displayed. If transactions are displayed the daybooks in the appropriate module need to be printed before proceeding with the month end.

 


NL> Period End Options > Nominal Ledger Year-End


You may receive the following message, 


This indicates you haven't closed off the ability to post prior year journals, to do so go to:

NL> Period End Menu > Close prior year journals

Take Close


Return to 

NL> Period End Options > Nominal Ledger Year-End


Having previously checked the invoice buffer, select Override, the warning is removed and you can now check the Period and warnings, having done this select Override


Take Proceed



Take Proceed-with-year-end, OK


Take Carry-forward-Nominal-Ledger. OK


Enter the closing date for the next financial year eg, rolling into 2023 financial year you will be asked for the end date for the next financial year end 2024.

Take Ok


Take OK, Save, Exit