TIP: To help you understand what happens when you run your year end, we've created this handy guide to explain.
Once you prepare for year end, you're ready to run your year end. Let's go through the steps.
- Click Tools, point to Period End, and then click Year End.
- Click Check Data. If you have any data errors you can fix them by following these steps. Click Close.
- Click Check COA, then click OK, click Backup, click OK then click OK.
- To archive your data, ensure the Archive check box is selected.
- Confirm the details on the Archive Company window.
- To set up budgets for your new financial year, select the Budgets check box and choose your budget options.
- Make sure that the date is the year you're closing and if required, enter a lock date.
- Click Run Year End then click Yes and click OK.
- Select how you want to output the report, click OK, then click OK again.
NOTE: The year end procedure may take some time, if the window shows as Not Responding do not close the software as the year end procedure may still be running.
After running year end
Now you've ran your year end, we recommend three simple checks to make sure your data is all set for your new financial year:
Check the financial year start date
- On the menu bar, click Settings and click Financial Year.
- Check that the date is correct. If it's not you must correct it before continuing. Read more >
Check the brought forward trial balance
Running the year end process clears your profit and loss nominal codes, numbered 4000 and above by default, and moves the balance to your retained profit balance sheet code, 3200 by default.
- Click Nominal codes then click Trial Balance.
- Click Preview, Run and on the Period drop-down list click Brought forward.
- Click OK and check that there are no balances on your profit and loss nominal codes.
If any of the profit and loss codes have balances you should restore your pre year end backup, check your chart of accounts (COA) and run the year end again.
Check your data is healthy
- On the menu bar click File, click Maintenance then click Check Data.
- If there are no problems a message appears informing you of this, click OK.
- If you now have errors in your data, the Year End process has failed. Restore to the backup taken before running the year end and re-run it.
It's a good time to do some tidying up and remove older records and items you no longer need.
These tasks aren't essential but may be beneficial. Read more >
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