Running a year end closes the current financial year and generates the values you or your accountant need to submit to Companies House. You can run the year end for the following ledgers:
Sales
Purchase
Nominal
Run your year end when no other users are logged into the database. If a user is locked into a database record at the time, the year end fails.
Delete transactions
When you run a period or year end, you can choose to remove transactions. Only the transaction headers are removed — detail lines update the nominal ledger. You can remove detail lines during the nominal ledger year end. The default is set to DO NOT Remove Transactions. We recommend leaving this as the default. There is a legal requirement to retain records for six years, including electronic data. Retain transactions for at least this period where possible.
Option | Description |
Transactions cannot be deleted | Even when fully allocated, transactions cannot be deleted until updated to the VAT report. |
All allocated transactions | All fully allocated transactions are removed from the system. |
Only allocated transactions up to transaction date | All your fully allocated transactions with a date before or equal to the date you enter remove from the system. Transactions after this date won’t delete. |
Deletion of allocated transactions | One half of an allocated transaction can be deleted if the two halves are posted in different periods. This may leave a transaction in the system without a full allocation history. |
DO NOT Remove Transactions | Doesn’t delete any transactions. |
Differences between the ledgers
Ledger | Description |
Sales | The toolbar has an option to produce a report of goods delivered not invoiced. |
Purchase | The toolbar has an option to produce a report of goods received not invoiced. |
Nominal | The toolbar has an option to produce a list of outstanding orders. You cannot delete transactions unless you select year end. |
At the end of the nominal ledger year end process, depending on the version of software you’re using, you may need to confirm if you want to advance your year end and period dates when your year end is complete.
If you select Yes, your year start date, end date, and period range dates advance by one year.
If you select No, the year end completes but you must update your financial dates manually.
Run your year end
In all three ledgers, the period and year end window looks broadly the same and has the same options.
Complete a period end
📌 Note: If you're unsure whether you need period 13, check with your accountant or auditors.
You only need to run a period end if the current period is not the final period of the financial year.
Run the year end
Run the year end for the Sales and Purchase ledgers first, then the Nominal ledger. The Sales and Purchase ledger period numbers must always be equal to or greater than the Nominal ledger period number. If the nominal update period is already in the next year, you cannot run a year end in the Sales or Purchase ledgers until the Nominal ledger year end is complete. To run a year end:
Click into the relevant ledger, then click Period End.
Click Year End, then click the tick icon.
Click Yes three times to the messages that appear.
Once complete, click OK.
Once the year end is complete, you can view the Year End Journal report.