Year End

Before running the year-end routine, it is important that you take adequate backups. As an added precaution, Client year-end may be password protected.

The main functions carried out by the Year-end are:

• The Nominal Ledger accounts are closed off and their balances carried forward. The default setting is for a Nominal Ledger account to close off to itself. However, there are two ways to set a different close-off account.

(i)       A specific close-off account can be set on a nominal account. This is usually done in the master chart, but on occasions it is useful to override the master account setting and set a close-off account at client level,

(ii)     the second method is to define a Profit and Loss range on the Client Class. Any account in the profit and loss range closes off to the Profit Account, unless the P&L account has its own close-off account specified. The Profit Account is defined in Nominal Client Details > Nominals...

• The closing balances are used to update the Comparative Values, and the existing Comparative Balances are designated Pre-Comparative Balances, for Accounts Formatting purposes.
• The new Opening Balances are posted as an Opening Balance journal dated on the first day of the new year.

Once all of the entries for a year have been made and you are ready to run the year-end routine, select Year-End and Clear Down from the Client Menu, Nominal Ledger tab.

From this window make your selections.

Perform a year end and adopt FRS102		N/A for a Trust job
Perform year-end		Select to perform a year-end (default)
No year-end		If selected, no Year-end is performed although entries can still be deleted
New financial year-end date:		Only available if Perform year-end is selected. Defaults to one year past the current financial year-end date but can be overridden if necessary.
Perform clear down		If not selected, no old entries or investment accounts are deleted. If selected the Clear Down tab will appear and a message under Change client class is displayed.

• When you click OK, the Year-End – Final check window appears, giving you the opportunity to cancel the process.

• If you click Yes, Trust Accounts performs a year-end and advances to the next year (12-month period).
• You will see that the dates have changed at the top of the screen showing the new accounting period.