Year-end transition Financial

Profit does not have a year end transition or year closing for the financial and fixed assets administration. The closing balance for a year automatically becomes the opening balance for the following year. Thus the closing balance on 31-12-2015 is the opening balance for 01-01-2016. Balance sheets etc are always retrieved per year. Balances from earlier years automatically become the opening balances.

With the year transition, it can be that you still have a number of tasks/checks that need to be performed.

You will come across some of these in the procedure described below.

The Financial Year-end Transition Workshop theatre session is an annual session for people who are responsible for performing and/or checking the year-end processing within Profit Financial. In this session, the specific steps in the year-end processing and starting of a new financial year are explained.

Description

For the year-end transition, you can perform a number of tasks and check some data.

Procedure

• Automatically extend the period table years
• Block a fixed assets financial year
• Recalculate cumulatives
• Set the opening balances of the VAT accounts for the new year to zero
• Check the VAT declaration and VAT account balances
• Check the debtor and creditor summary account balances in the extended column balance or trial balance
• Check the voucher and invoice counters

Also see

• View the reporting cockpit for the Balance Sheet and the Profit and Loss Account
• View outstanding items
• View an extended trial balance
• View a trial balance
• Check the VAT declaration
• Budgeting