It is common that at the end of a given financial year, that year remains available for the entry of late journals and then audit adjustments, etc, so it is normal that these items can still be entered into the Current Year if desired, while the mainstream entries are going into the Next Year. At a given point when no further adjustments are assured, commonly halfway through the following financial year, the Year End process can be run. This moves the whole set of available periods forward by one year (so the periods that were in the Current Year then belong to the Previous Year, and the periods that were in the Next Year then belong to the Current Year).
For example, where the Current Year is 2023 and the Next Year is 2024, at around period 6 of the Next Year the process would be run and the periods potentially available for input would now be Current Year 2024 and Next Year 2025. The terminology is not normally important to end users as the period/year display on the screen would continue to show 0624-30/06/24 throughout.
GL Year End does not delete any information. You have the option to carry budgets over to the new Current Year.
Required Conditions
Before this year end process can be run the following steps must be completed. This is because what is the Current Year will no longer be available for the entry of transactions once the Current Year and Next Year are moved forward, so all items in that year must be finalised. These are:
The periods for the new financial year must have be set up.
The Clearing Account for the end period of that year must have a zero balance.
All financial batches in all ledgers for that year must be posted (or cancelled).
All module periods for the Current Year must be closed.
Once the process has been completed it cannot be reversed. Once you close a year (that is, move the periods on), you can no longer post to it; you can only report on it.
Single Company
Navigate to General Ledger > Period Processing > Year End – This Company.
GL Year End – ThisCompany
Coins ERP+ will display the active financial years on the system.
Field
Description
Perform Year End?
You must tick this option as a confirmation that you want to continue with the Year-End process.
Backup Complete?
Tick to confirm that a backup has been made. The procedure will not run if this has not been ticked. Please note that this will not check that the backup has been completed.
Copy Budgets?
Tick this if you want to copy the General Ledger budgets across to the new year.
If any of the required conditions is not met, an error message is displayed, the program stops, and the situation must be resolved before attempting again.
Multi Company
Navigate to General Ledger > Period Processing > Year End – Multi Company.
GL Year End (Cross-Company)
You can select the companies for which the year-end is to be run; Coins ERP+ will submit separate year-end runs for each company.
If any of the required conditions is not met, the Status Msg column is ticked; this means you cannot run the year end for that company. To see which condition has not been met, click Detail (
) on the relevant line. You will need to take the appropriate action before you can run Year End.
Select the companies for which you want to run the GL Year End procedure.
From the action menu, select GL Year End and click Apply Action (
).Indicate that a backup has been made and that you are ready to run the Year End procedure. If you want to copy the GL budgets over to the new year, tick the Copy Budgets? box.
Click Next (
).Click Yes to confirm that you want to run the year end.
When complete, Coins ERP+ displays a message to tell you how many companies have been successfully processed.