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Every business has a financial year end which can be a really busy time of year, so to help you navigate all of the required processes you should use this option.
The year end process moves the total value on each profit and loss nominal code into the retained earnings nominal code on the last day of the year.
You can also set up the budgets for the next financial year and take an archive copy of the data as it is before the year end is ran.
Check Data | Checks your data files for any corruption. It's really important to ensure there is no corruption before you run the year end so that the correct values are posted. Find out more |
Check Chart of Accounts | Checks all of your charts of accounts to ensure there are no missing or duplicate nominal codes. If any errors are identified you must check this so that the correct nominal codes values are moved. Find out more |
Backup | You should always back up your data before the year end as it means you can restore to this backup if the year end does not complete correctly. Find out more |
Archive | Select this option to take a read only copy of your data as it is now. This means you can access your previous years data at any point after you run the year end. You can also run reports on the archived data. Click Archive Location to check or amend the archive description and folder. Find out more |
Budgets | Select this option if you want the budgets for the new financial year to be taken from the current year values. Click Budget Options to change how the budgets calculate. Find out more |
Year End Journals | This is the date the year end journals are posted. We recommend that you leave this as the last day of your current financial year. |
Lock Date | Select this option if you want to stop any transactions from being entered with a date prior to the specified date and change the date as required. |
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