Accounting

Here it is described which actions you have to take when changing accounting year in the Accounting.

To Switch Year

When most of the last period's transactions are made, do the following:

1. Make sure that the scheduled depreciation in the Fixed Asset Register has been performed. The last period's depreciation can also be performed after you have switched year. If you perform the depreciation after having switched year, you must make sure that you are working in the Annual Financial Statement.
2. Make sure that the accrual accounting of the month has been released. This is done in the Release Accrual Accounting procedure.
3. Make sure that you are working in the current year. Open the Period Management procedure and also make sure that the last period is the current accounting period.
4. Open the Switch Year procedure. When you click the Save button, a question appears asking if you want to switch year. Confirm by clicking Yes. Now the transfer to the new year is started.
5. Once you have switched year, the Voucher Number Series procedure in the Global Settings module is opened. Enter a Start code for the first voucher number in the new year. This is only done for number series with manual registration (the default start number is 1). For integrated number series, linked to invoice and payment ledgers, no reset of the start codes is made. These can be left untouched.

After Having Switched Year

When you have switched year, you should check:

• that the period distribution for the new year is correct (in the Register Accounting Year procedure in the Global Settings module).
• that periods 1-3 are open for registering (in the Period Management procedure in the Accounting module)
• that the income statement is reset and that the balance sheet for the new year only contains OB (opening balance).
• that the income statement and balance sheet are correct in the annual financial statement.

Working with Two Years Parallelly

When you have switched to the new year, you can always go back to the previous year to add transactions and complete the financial statement.

If you close all procedures in MONITOR so that only the program window is open, you will find an item called Change accounting year... under the File menu. By selecting this menu item, a window will open where you can shift between the years.

When you are working in the previous accounting year, the text [AFS] is shown on the title row in all procedures as a reminder. The shift to another accounting year will only apply for the user who performed the switch.

When the Year-End Closing is Completed

When the year-end closing is completed, you load the definite OB to the new year in the Opening Balance procedure, under the Switch Year / Period menu. To load all opening balances, you click on the button Load from previous year's CB. You can do this as many times as you need. You just have to make sure that you are working in the current year when you load the opening balances.

Please Note! For those of you who use integration between the ledgers and the accounting, it is important to remember that ledgers that belong to the new year cannot be reset until you have switched year in the accounting module.

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