1. Month End Process  

  1. Post Recurring Journal
  2. Check all journal batches
  3. Aging Reports
  4. Financial Reports
  5. No. Series 
  6. General Ledger Setup - setup for for allow posting from if needs

2.  Year End Closing  

Note:

  • New Accounting Period must created before close latest accounting period
  • If dimension value is mandatory for some G/L account (for example, Department is mandatory for Office Expenses) user need to set the value posting to No Code for related default dimension.  After the closing entries have been posted, change back the value posting for the default dimension

Follow the steps below for year end closing process

1. Check all Journals, Orders, Invoices section

Check all batches of General Journal, Payment Journal, Cash Receipt Journal, Item Journal, Phy. Inventory Journal, Recurring Journal, Sales Invoice, Purchase Order, Purchase Invoice etc., to ensure all entries of the current year is being posted.

2. Create New Accounting Period 

  • Only 12 period, will not have 13 periods for audit adjustment.
Steps Description
1Search "Account Period" and Click related link to open the page
2 

1) Select Process 

2) Select Create Year... under Process action menu

3) Enter FY start date

  • No. of Periods should be 12 means 12 months for the accounting period
  • Period Length 1M means 1 month for each period

4) Click OK to add the new FY


3. Close Accounting Period

Search “Accounting Period”, then click “Close Year”.
Be aware that once the Accounting Period is being closed, it CANNOT be re-opened.

4. Close Income Statement

Search “Close Income Statement”  Then fill in the required information.

         

  • Financial Year Ending Date – Which is the closing date of your financial year
  • Journal Template – Should always use GENERAL journal to book the year end closing entry
  • Journal Batch – User can set up a new batch in General Journal, that only be used for year end closing
  • Document No. – If user set no. series in the General Journal Batch, system will auto generate document no. However, if user wish to input Manual Document No., just leave the no. series field blank on the General Journal batch and manual input in Close income statement dialogue

  • Retained Earnings Acc. – Choose the Retained Earnings Account from the Chart of Account, in order for system to transfer P/L account figures for the year to Retained Earning Account.
  • Close by Business Unit Code / Dimension / Inventory Period Closed  - These do not apply to your company, just leave these blank are fine.
  1. After input the required fields, click “OK”. Then a pop up screen will appear. User can then go back to the General Journal and check the Year End Closing Entry.
  2. Then user should check the Year End Closing Entry generated by system. If the Entry is ok, click “Post”.
  3. After posting, all P/L accounts’ balance will then transfer to Retained Earning Account.

5. General Ledger Setup

  • Change Allow Posting From & Allow Posting To

6. No. Series

If the Company’s No. Series are being set on a yearly basis, remember to create new set of No. Series for the new Financial Year.