Year end journal report
Using the year end journal report, you can review the values you post. It shows the totals you transfer to the year end account for each profit and loss account.
To get the report:
Click System then click Options.
Select System Control Options then click the Ledger Defaults tab.
Check the financial year start date and when the last period ended.
Once you check the above:
Click Financials then click ACR
Select the Year End Journal report.
Enter the Year End Journal Ref.
Leave the currency blank.
Click OK.
Profit and loss account to update year end account
To ensure that profit and loss accounts update the required year end account:
Click Financials then click Accounts.
Click Edit then click Info.
Enter your designated year end account.
Click Save.
Profit and loss accounts have a major heading of one to six. Filter the major heading column to include values less than or equal to six to return only appropriate nominal accounts.
You can’t filter the balance sheet account column since any balance sheet account could be a year end account. You can order it to check that there’s no unexpected values appearing.
Use the profit and loss summary to compare the turnover year to date (YTD) for the accounts at the end of last year to ensure that the values match.
To find the summary:
Click Financials then click Profit and Loss.
Select P&L 12 Month Summary.
To export all profit and loss transactions for the year in question to Microsoft Excel to compare the sums of transactions against the year end journal report, use the nominal transaction enquiry view.
To export to Excel:
Click Financials then click Profit and Loss.
Select All Periods then click the Excel icon.
Other Information
Access Office Integration (AOI) can prove a very useful tool as you can use it to extract and pivot data more quickly than via the Financials front end. If this isn’t available, please raise a new case online and reference the title of this article.