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PS Cashbook

End of Year Processing

Summary

What is end of year processing and why do I have to do it?

 

 

Detailed Description

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:

Step 1

  • Backup your data. (via the File > Backup Data Files (Cashbook Plus) or File > Backup Data (Cashbook Platinum) menu options)

Step 2

  • Ensure that all bank accounts have been reconciled to the end of the financial year.
  • PLEASE NOTE: This does not apply to accounts that have been set to a reconciliation frequency of 'Never' in Chart of Accounts

Step 3

  • When you record your last reconciliation for the end of June you will see a message saying “You are reconciling to the end of the year. Proceed?” Clicking YES will complete the reconciliation. Clicking NO means you will need to reconcile to the end of June again before you can complete a Year-End Process. (NB: You can re-do the final reconciliation for the financial year if necessary.)

Step 4

  • Ensure all BAS returns have been finalised.

Step 5

  • Click on the Utilities > Year-end Processing menu option.

Step 6

  • Select relevant check boxes (if you wish).
  • Click on the OK button.

Step 7

  • If any bank reconciliations or GST BAS returns have not been completed you will see a message alerting you. You will not be able to progress any further until these are completed. Once they are completed, recorded and finalised, go back to the start of these instructions.

Step 8

  • The system will then re-index and check all data files.
  • Click on the OK button to continue.

Step 9 

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.

Step 10 

  • Click on the Yes button to proceed with rollover.

 

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.

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