What is end of year processing and why do I have to do it?
Cashbook Plus! remains open for the purposes of editing and deleting transactions for the whole of the financial year. At the end of the financial year, the program will allow you to enter transactions for one more month. After this time it will no longer allow you to enter data with a date past this period. You must perform a Year-End Process in order to continue to enter data.
You can always access prior years information by selecting the required year from the ‘Change Accounting Year’ option in the ‘File’ menu.
After a Year-End process, any unreconciled transactions are carried forward into the new year and will be displayed in the reconciliation screen.
Steps to carry out end of year processing:
Any errors found will stop the rollover from progressing. You should print out the error messages and work through to correct each error. Once these errors have been fixed the Year-End Process must be started again from the beginning, including backing up your data.
The rollover procedure will perform the following functions in the new finanical year
· Create and store a full set of records for the year just completed.
· Delete all entries in all bank accounts and journals.
· Delete all paid invoices for debtors and creditors.
· Clear all previous reconciliation details.
· Clear all inactive items from various lists (only for those checked on specification screen).
· Carry forward all unreconciled transactions into the new year.
· Set the opening balance for all trading accounts, banks, assets, liability and equity accounts to be equal to the closing balance for the year just completed. (Not applicable in level 1).
· Copy all existing budgets and roll forward any budget figures e.g. year 2 figures would be moved into year 1, and year 3 to year 2.
· Set last year comparative figures to actuals for the year just completed.