Ensure you post all transactions for the financial year you're closing.
Check your chart of accounts
The chart of accounts defines which category each nominal code falls.
When you run your year end, the chart of accounts decides which nominal codes to clear down, and which balances to carry forward. It's therefore important to check the chart of accounts.
To check:
- Click Nominal codes then click Chart of accounts.
- Select the chart of accounts you want to view then click Edit.
- To check for any duplicated or missing nominal codes or if any ranges overlap click Check.
- "No errors found in this chart of accounts" message appears, your chart of accounts is complete. You're OK to continue.
If prompted to print a Chart of Accounts Errors report, you have errors you need to fix.
Check your data
If you have any errors in your data, this may cause problems when running your year end and could cause further corruption.
Before you run your year end, we recommend you check your data and fix any errors that appear.
Archive your data
You can archive your data at any time, or can choose to archive your data as part of running the year end.
Run year end reports
You can run reports using your archived data after running your year end, we recommend running reports you need prior.
Including the following management reports:
For a full list of transactions for the year, you can also run an Audit Trail report.
That's it, you're now ready to run your year end.