How do I process a year end?

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Summary

The following article explains how to process a financial year end.

More Information

Things to Consider Before Closing the Year

If you use an external accountant or accountancy firm to prepare your accounts for submission to HMRC, they will give you a list of adjustment journals to be done. In most instances, these adjustments will only be available after the year has been closed As you can't post back into a year that has been closed these should be posted as prior year adjustments in the new financial year.

Something else to bear in mind is if you wish to have your Profit to Date (Z995) figure to be zero at the beginning of the new year, you will need to do a manual journal from Profit to Date (Z995) to Retained Profit and Reserves (19901) before the year end is ran. This process is optional. For Help with this, please refer to the Posting Cashbook entries article in the See Also section below.
A backup MUST be taken once all pre year end procedures have be done, marked Year End and the year that you are dealing with e.g. Year end 16-17 and put aside for seven years.

Closing the year

Carry out all the necessary processes outlined in the month end article for the final month of your financial year.

  • Make sure you are happy with the final printouts before proceeding with the reports listed below:

Profit & Loss Report

  • Go to " Nominal Ledger Profit & Loss Change Report Range".
  • In the "Start Date:" and "End Date:" fields, enter the date range for your entire financial year.
  • Press <Esc>.
  • If you wish to print a Profit & Loss report for the year select [Run Profit & Loss Report].
The final Profit & Loss Audit report will produce an audit trail for the year so will contain a lot of information. If you wish to seek advice on printing reports to file, allowing you to view and reprint reports at a later date, please see How do I Setup Printing to PDF in Platinum? or Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page for advice.

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  • If necessary press <Alt+P> and select a printer to use e.g. your PDF printer.
  • Select [Audit Trail & Clear Down].

Balance Sheet

Go to " Nominal Ledger Balance Sheet"

The final Balance Sheet Audit report will produce an audit trail for the year so will contain a lot of information. If you wish to seek advice on printing reports to file, allowing you to view and reprint reports at a later date, please see How do I Setup Printing to PDF in Platinum? or Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page for advice.

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  • If necessary press <Alt+P> and select a printer to use e.g. your PDF printer.
  • Select [Audit Trail & Clear Down].

Final Year End Procedure

Go to " Reports & Settings End of Year".

You will see the message : "Current Financial Year is 01/<start month>/<year> to 31/<last month>/<year>. Continue (Y/N)".

This will produce your year end printout so if necessary press <Alt+P> and select a printer to use e.g. your PDF printer before you press "Yes".
  • Press "Yes" to close off the year.
If you get a message that says "Unprocessed data found in the Sales, Purchase or Nominal Ledger" click here to take you to the article that outlines how to clear down the unprocessed data.

See also


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