What Does This Procedure Do?
This procedure is used to switch year. After having switched year, vouchers can be registered in the new year at the same time as the year-end closing procedures are continued in the previous year.
When you perform a year switch, the transactions of the previous year are transferred to a separate year-end closing. This enables you to, parallel to the current accounting for the new year, make transactions that only concern the year-end closing procedures. Thus, the annual financial statement is a copy of the accounting of the previous year. When switching year, the closing balances of the previous year are also transferred as OB (opening balance) for the new year.
It is easy to shift between the current year, annual financial statement and also periodic statement. You switch accounting year in the MONITOR window menu under File | Change accounting year.... This switch can only be made when all procedures in the system are closed.
To reduce the risk of mixing up the year-end closing and the current year, all lists are labeled with the respective year.
When the financial statement is completed you have the option to transfer the closing balance in the financial statement to the opening balance in the current year. This is done in the Opening Balance procedure. The loading of OB can be performed repeatedly. The setting Account classes that move balance to next year (e.g. 1,2, ...), under General under the Accounting tab in the Settings procedure, determines which account classes that should move balance to next year during Switch Year. That is, move CB (Closing Balance) to OB (Opening Balance). The balance is moved by clicking on the button Load from previous year's CB in the Opening Balance procedure.
In the project accounting you have the opportunity to - for each project - enter whether or not it is a fixed asset project. All continuous costs and income that have been recorded for the project during the year should at the year-end closing be registered as fixed assets. This is done automatically in this procedure.
Read more about how you Switch Year in the Switch Year chapter in the Using MONITOR Procedures guide.
It is possible to save 10 years of accounting in MONITOR.
Important to Do after Year Switch
Before you start the accounting for the new year it is important that you first do the following:
Window Functions
Read more about the Window functions under Window Functions in the MONITOR Basics.