This sub-menu allows you to perform global processes in a Set of Books, such as to Clear / Reset a Set of Books, do the Year-End process and reverse transactions in posted batches (journals) or documents.
Before you access this option, it is recommended that you firstly perform a backup of your current Set of Books and are absolutely sure that you wish to perform any of these functions. These options can only be reversed or cancelled if you restore the Set of Books from your backup.
To access the Global processes menu:
1.On the Setup ribbon, select Tools → Global processes. A list of the four (4) menu options will be displayed.
2.Select one of the four (4) available options:
a)Clear / Reset - This option allows you to clear all the transactions and balances in a Set of Books. This will clear or reset the Set of Books and delete all the transactions and balances. You may also select to retain all documents and set them to unposted.
b)Do year end - This option allows you to close off all the nominal accounts (income and expense accounts) and transfer the balances for the financial year to the Retained income / earnings account. The start date and the reporting dates for the financial year will also be created for the new financial year.
c)Copy from a Set of Books - This option allows you to copy the data from a selected Set of Books into the active (open) Set of Books. This will replace all the data in the active Set of Books.
d)Reverse posted batch / document - This feature allows you to reverse or cancel the transactions in posted documents and batches.
■Reverse posted batch (Journal) - The transactions entered or imported in batches (journals) which are already updated (posted) to the ledger, may be reversed or cancelled. This option will cancel all the transactions already updated (posted) to the ledger, remove it from the transaction file, and import the transactions to the selected batch (journal). You may then erase or delete the entire batch (journal) as well as the transactions, edit or correct the transactions, balance the batch, print the batch list and post it to the ledger.
■Reverse posted document - The documents as well as any transactions generated by the documents (invoices and credit notes, purchase documents and supplier returns documents) when the documents were updated (posted) to the ledger, will be reversed or cancelled. The selected reversed document will be available as an unposted document. You may then edit the document in Action → Documents and then post (update) it to the ledger. If you do not need to update (post) the document to the ledger, you may delete the document in Action → Edit → Delete - Documents.
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