Do Year-End

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This option will perform year-end processing for you. It will balance all the income/expense accounts transferring the balance of each account to the retained earnings or retained income account.

This account will then show your net profit or loss for the year. The balances of the balance sheet accounts are brought forward to the New Year.

The reporting dates are updated to cater for the New Year. Once the year-end procedure is completed, you will be able to post transactions to your new financial year.

TurboCASH stores the transactions and balances for accounts for up to two financial years (This Year and Last Year). You will still be able to view the transactions and reports for the previous closed financial year.

Before you may perform this year-end procedure to close off all your accounts for a specific financial year you need to:

Post any batches (journals) and update any documents to the ledger.

Do any corrections, if any errors are found and do the year-end adjustments.

Print the necessary reports and retain it with the necessary supporting documents for record and audit purposes.

Do a Data Integrity Check to check that all your data is correct and in balance.

Make a Backup of the Set of Books.

It is recommended that you Disable your Screen Saver in the Windows Operating System, before starting this process. This will prevent the Screen Saver being activated while the process is running.

To Do the Year End Process:

1.Click on the Tools → Global Processes → Do Year End menu. The following information screen is displayed:

If you have not made backups, click on the No button and backup your Set of Books.

2.Click on the Yes button, if you are absolutely sure you have made backups. The following confirmation message is displayed:

This is your last chance to cancel this process. If you want to abort the process, click on the Yes button.

3.Click on the No button to start the process. The following progress screen is displayed:

It is recommended that you do not use your system for other tasks while this process is running.

4.Once the process is finished, the following confirmation message is displayed:

5.Click on the OK button. You may continue to work in the New Year.


Post to Last Year

1.Transactions may however be posted to the previous financial year, after the year-end procedure is performed. Should the batch contain transactions with a date relating to the previous financial year, (For example, if the current financial year is from 01/03/2009 to 28/02/2010, and the date of the transaction is 10/03/2008), TurboCASH will display the following confirmation message:

2.Check that the date is correct - Last year's date.

3.Click on the Yes button. TurboCASH will post the transaction to the previous (last) financial year.

If the date(s) of the transactions is incorrect:

1.Click on the No button.

2.Correct the date(s) of the transaction in the batch to this year.

3.Balance the batch once again.

4.Post the batch.

It is also a good idea to restrict posting to the previous financial year. You may do this by clicking on the Setup → System parameters → Reporting Dates menu and remove the tick in the Post to last year field.

Although you will not be able to post transactions to that financial year, you may still generate reports. You may at any time select this field again should you wish to post to the previous financial year.


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