A quick guide to the End-of-Year procedure in SFM
Overview As you are all aware, SFM allows posting into two financial years simultaneously. This means that users do not need to finalise 2007 and close it before starting to post into 2008. The end of year procedure will move the current year data into the "Previous Year" data set and allow posting into the new financial year while allowing authorised users to post into the previous year transactions still being received in early January and audit adjustments related to the previous year. The system provides options to print management reports up to a given date from the previous year.
What happens in the End of Year procedure? During the End-of-Year procedure the following events occur:
1. The system will check that a Yearly Profits (not retained) account exists as a balance sheet item and exists within the System Control Accounts. 2. Runs all validation checks - if any validations fail, the system will stop the End of Year process. 3. If it is the second or more years of operation, the system will transfer any existing Nominal Ledger data in the Previous Year into the Archive Data. 4. Transfers the current year data nominal ledger to the Previous Year 5. Calculates opening balances for the new financial year and updates previous year figures 6. Transfers debtors and creditors to Archive Data 7. Resets year to date and updates previous year turnover figures for debtors and creditors. 8. Archive all allocated entries in the debtors and creditors ledgers from within the current year and archive allocation table of allocated records from the current financial year. 9. The system will automatically update the accounting period for the new financial year. 10. When complete the system removes the End of Year secure function.
A quick guide to the end-of-year procedures for SFM
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Prior to Running the End of Year Please note the following: We would recommend that you process the Data Validity program, found under Current Year -> Utilities in the main menu. If this process finds any inconsistency in this process, the system will not enable the running of the End of Year program. The printing / export to PDF Format of Audit Trails is optional. The possibility to print audit trails from the Previous Year and Archives still exists in any case. Make sure that the Profit and Loss Account in the System Control links to the P&L for the year and not the Retained Earnings Procedures for running the End of Year program The running of the End of Year procedure is only available to those users who have access to the End of Year secure function. This function is automatically removed after the running of the End of Year program so it may not be available even to users who ran this procedure last year. You will notice if you are denied access to the End of Year program because it will not be accessible via the menu End of Year will be disabled in grey. Access to the procedure is found in the Utilities menu from the Current Year Main menu. If you are denied access to the End of Year program, add the secure function from the Groups/Rights option in the Administration menu by going on the permissions available tab sheet and clicking Add Permission to Group or . The function is called ENDOFYEAR as shown in the figure on the right. Ensure no user is connected to SFM and any other Shireburn system that is interfaced to SFM and then Run the End of Year Program option from the Administration menu. Why is it not Working??? There are a number of reasons why you will be unable to run the End of Year program. The points below outline them and provide the appropriate solution:
A quick guide to the end-of-year procedures for SFM
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Problem End of Year program option in menu not highlighted.
Solution This reason is that the current user does not having access rights to the ENDOFYEAR secure function. Add this function from the Group/Rights option in the Systems Administration option. If having added the function, the menu option is still unavailable, this indicates that transactions have been posted into the previous year and they have not been updated to the current year. This is done through the Update Opening Entries option in the Previous Year menu.
On running of End of Year, warning message that Yearly Profit & Loss Account does not exist
The End of Year program transfers the net balance of non-balance sheet items to a yearly profit & loss account. This error will occur if no retained profits account has been defined in the system control accounts under the Support Files menu.
On running of End of Year, warning message appears that Data Validity Failed.
This indicates the existence of Invalid data and requires you to contact Shireburn personnel.
We hope this document assists you in processing the End of Year program but if you require further assistance please call us on 21 319977 or e-mail on support@shireburn.com
A quick guide to the end-of-year procedures for SFM
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