Before we do the year-end closing, it is better that we perform Backup first. After that, we can proceed with the Year-end closing. However there are some notes to look at as follows;
a. The company have to ensure all transaction (E.g. Sales Invoice. Delivery Order, Purchase Returns, Payments, Receipts, Journals, etc.) to be posted to Accounting. These information are necessary to make sure the company has the right figures in their year-end Financial Statements.
b. Conduct the Post to Accounting and then Journal Posting to clear all the unposted transaction made from period X to period X.
Once all transaction is posted, we can proceed with the year-end closing. Here, we are closing a 15 period accounting for a year ended 2016 account. The followings are the procedures to close the account and execute Year-End Processing;
1.Control panel > Setting > Period Setting, click the icon and a pop-up window will show you the period that is open and closed.
2. Click on the 2016 Financial year column.
3. The open period will be green in color. Click each period (1-12) and it'll turn to red under Close column. Because the example period set was 15, click only until the 12th period. Once done, click Save and close the window.
4. Control Panel > Setting > Open/Close Period, click the Open/Close Period next to Period Setting and you will see this window (pic). Note that the closed period you did previously has been confirmed. Leave it be, and click save before close the window. (Please inform us if the colors didn't change from green)
5. Control Panel > Periodic Tasks > Year End Processing, after all transaction posted and period closed, click the icon to begin the year-end process.
6. Initially there's only blank. Click Process button to initiate the year-end processing. The result should show as below, notification saying the process is successful. Click close once done. (Be noted that the system will notify if there's any unposted or unfinished transactions recording in the system. Follow the instruction given before informing us.)
7. As shown above, the year 2017 will be automatically created. This however will not overlap the data key-ed in during the period (13-15 became 1-3) and the creation of new period will be defaulted back to 12 period. You may change it to 15 via Control Panel > Settings > Accounting Setting > Closing period.
8. Here to show that the period 1-12 of 2017 is opened and you may resume your daily operation.
Please inform us if there is difficulties while conducting the procedures above.