Year End

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Year End

Purpose:

The Year End Form allows you do all the Year End transactions for the company. When these operations complete the customer/Vendor balances are rolled back to the last year. The Chart of Account Balances are also rolled back from this year to last year. In addition to this all Income Statement accounts are written off and the final balance is written in to the retained earnings account. The Journal entries for the previous year a re deleted and the Balance Sheet Accounts balances are maintained to the next year. We recommend changing the accounting periods of the company after completing this process to reflect the new Fiscal Year to be initiated.

Usage:

This operation should be done in a Single-User Mode and it is recommended to do a full data backup before. Make sure that only the right personnel have access to this feature.

1- Open the Year end form by clicking on Tools/Year End

2- Select a Cutoff Date. This date should be the last date that will be considered in the calculations for last year

3- Press the search button to select the Retained Earnings account you will be using.

4- Check the “Recalculate Chart of Accounts option if you want to carry over balances for the Balance Sheet Accounts from last year to the year to be initiated.

5- Press the “Go” button. The system will give you a message box with a list of all the Items that will take place asking you for confirmation

6- You should get a confirmation message in couple of seconds (based in the database size) telling if the Process completed successfully. If there is any error all operations will be rolled back and you will receive a brief description of them.

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