Period End
The Period End routine enables you to monitor performance over a fixed period of time relative to your business needs as set in System Control Options - Ledger Defaults. The number of periods you run must be the same for all ledgers.
The Nominal Ledger is dynamically linked to the Sales and Purchase Ledgers, and will store information for a maximum of 13 periods before requiring the Year End routine to be run.
It is important that you take a PERMANENT BACKUP of your data before you run the Period End or Year End routine.
Before you can run the period end or year end processing, the Nominal Journals Audit must be printed to a printer and updated.
This is part of the audit trail that protects your data.
You will be prompted to do this and will not be able to proceed until it has been done.
This audit check can be disabled in System Control.
Both the Period End and the Year End routines are run from the Period End window.
The current state of the ledgers is described at the top of the window.
Contents |
Toolbar |
Processing options |
Period End or Year End |
Toolbar
Before you run the routine, please note the following
O/S Orders
This icon will display and print the amount outstanding to be invoiced against any Purchase Orders or Sales Orders which have been delivered but not invoiced.
The orders will be displayed in a table, each column can be sorted by clicking on the column heading.
The Date Required column displays the date from the detail line of the orders.
You have the option to subtotal the orders in various ways.
When you click the Print icon, a print output window will open enabling you to select the output destination for the report.
Also on the print output window you can select to print the report based on the list as subtotalled, otherwise the report will be printed without subtotalling.
An additional menu is available if you have selected the System option Update Stock to Nominal and a Profit Cost of Weighted.
The Stock Variance Reports menu contains the report option Weighted Average Value Corrections Report. This report will assist in resolving discrepancies in the value of stock posted to the Cost of Goods Sold accounts when using Weighted Average Profit Cost and includes the option to post a journal to correct any discrepancies.
Processing options
The text at the top of the window tells you the Period of each Ledger. If Enable Working Periods is set to on in System Options, then the text also describes the Working Period for that Ledger.
Carry out a
Period End
The movement values for the current period will be cleared on all Nominal Ledger accounts and period number will be incremented, and if you are currently in period 13 you will not be able to run a period end, only a year end.
Year End
The balances on all P&L type Nominal accounts are 'Cleared Down' and a journal is created in the background (not visible in Transactions enquiries) and posted to the Year End Update Account (see all P&L type nominal accounts, Info). The journal values are reported in the ACR: 'Year End Journal'. Balance Sheet type Nominal Account balances are carried forward. The Financial Year is then advanced and the Period number set to 1.
If you are using a 2nd base currency, you will be presented with an entry box for the exchange rate to be used for the 2nd base journal values. If you are using date sensitive rates, the rate applicable at the last day of the ledger period will be displayed, otherwise the latest rate will be displayed. Your Current Year end date +1 becomes your new Current Year start date, and the old Current Year becomes Last Year. The ACR 'Year End Journal' details the balance movements.
Note that 2nd base journal values are stored but not reported on the supplied ACR report.
• If the Nominal update periods for Sales & Purchase are set to Next Year, they are changed to Current Year reflecting the new state of the Nominal Ledger.
• An Access Crystal Report called Year End Journal is available to enable you to view and print the Year End journal details. See Access Crystal Reports.
Selecting Year End activates the Delete options.
Advance Working Period
Advance Working Period is only displayed if Enable Working Periods is set to on in System Options. The working period can be more than 1 period in advance of the open period, including next year; however, the working period cannot be further ahead than Next Year period 12 (or 13 in a 13 period system). Nominal working period cannot be further ahead than Sales/Purchase working period.
Selecting the Nominal Advance Working Period option where the current Nominal Working Period is the same as the Sales/ Purchase Working Period display a prompt reminding you to advance the Sales/Purchase Ledger or carry out a Sales/Purchase Period End. If advancing the working period, you are warned that users will be unable to post to open periods prior to the new working period; if running a period/year end where the Working Period is currently the same as the Open Period, then the Working Period is also rolled forward, as Working Period cannot be earlier than the current open period.
Delete:
It is a legal requirement to retain records for 6 years. This includes electronic data. We recommend that you also retain transactions for at least this period of time.
All transactions
All transactions that have been fully allocated, reconciled and printed and updated on a VAT return (if appropriate), will be removed from the system.
Only transactions up to a date
All transactions with a date less than or equal to the date entered and which the have been fully allocated, reconciled and printed and updated on a VAT return (if appropriate), will be removed from the system. Transactions after this date will not be affected.
DO NOT Remove Transactions
Transactions will not be deleted.
Activate the Period End or Year End process
Click OK to start the Period End or Year End routine.
A warning message will be displayed if there are any Recurring Journals outstanding to be posted in the period being ended.
If processing the Year End, you will be prompted to set the Start Date of the new Current Financial Year. Your Current Year end date +1 is offered as your new Current Year start date, and the old Current Year becomes Last Year. You should reply Yes to this message unless you have a specific reason for changing this date.
If the Year End fails due to roll back failure, you will normally be able to correct the problem and carry on from the point of failure. However this should not be relied on and you should ensure that you have a backup copy of you data.