SFM allows posting into two financial years simultaneously. This means that users do not need to finalise 2018 before starting to post entries into 2019. The end of year procedure will move the “Current Year” data into the "Previous Year". When complete, users can start posting into 2019 while allowing authorised users to keep on posting transactions into the previous year.
Running the End of Year
Before running the End of Year, ensure that no user is running any of the Shireburn Systems as it is required to run this function exclusively.
The End of Year
option is found in the Current Year > Utilities
menu. The option is only available to those users who have access to the End of Year permission. This permission is automatically removed after the running of the End of Year program.
What happens in the End of Year procedure?
During the End of Year procedure the system will perform the following events in the respective order:
Why isn’t it working?
- Take a backup of the company.
- Check that the Yearly Profits for the Year and the Retained/Accumulated Profit account codes exist as balance sheet and set within the System Control Accounts.
- Run all validation checks for the previous and current year (if any validations fail, the system will stop the End of Year process).
- Checks if there is a balance brought forward in the Yearly Profits nominal account in the current year:
- If a balance other than 0 exist, the system will prompt the user to select the Profit & Loss (Accumulated) nominal account as shown in the screen shot below.
- On confirmation by the user, the system will automatically post a journal entry between the Profit/Loss for the year and the Accumulated account.
- The user has the option to Cancel the process if required to enable further checking.
- Transfer the Nominal Ledger data from the Previous Year (where applicable) into the Archive Data.
- Transfer the current year nominal ledger data to the Previous Year.
- Calculate the opening balances for the new financial year and updates the previous year figures.
- Appends all debtors and creditors data from current year to the Archive.
- Reset year to date and update previous year turnover figures for debtors and creditors.
- Clears all the sales and purchases allocated entries from the current year.
- Update the accounting period for the new financial year.
- When complete, the system will remove the End of Year function permission.
- Run a Reindex.
There are a number of reasons why you will not be able to run the End of Year. The points below provides some troubleshooting solutions:
|End of Year program menu option is not highlighted (grayed out).||This reason is that the current user does not having access rights to the ENDOFYEAR secure permission. Add this function from the Groups & Permission option under the Systems Administration menu. If after having added the permission, the End of Year menu option is still unavailable, then you need to update the Current Year opening balances by clicking on the Previous Year > Update Opening Entries option.|
|Yearly Profit & Loss Account does not exist.||The End of Year function transfers the net balance of non-balance sheet items to a yearly profit & loss account. This error will occur if no Yearly Profit account (not Retained Earnings) has been defined in the system control accounts under the Support Files menu.|
|Data Validity Failed.||This indicates the existence of Invalid data and requires you to contact Shireburn personnel.|
We hope this FAQ assists you in processing the End of Year program but if you require further assistance please call us on 21319977 or e-mail on email@example.com