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Using TurboCASH

 







YEAR-END
DO YEAR-END - CLOSE THE FINANCIAL YEAR
  
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 done, you will be able to post transactions to your new financial year. TurboCASH stores the transactions and balances for accounts for up to 2 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 -
  1. Post any batches (journals) and update any documents to the ledger.

     

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

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

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

  5. Make a Backup of the Set of Books.
To Do Year End Process:
Click on the Tools - Global Processes - Do Year End menu option or press the and and and keys on your keyboard. The following Information screen will be displayed:



If you have not made backups, click on the button and backup your Set of Books.
Click on the button, if you are absolutely sure. The following confirmation message will be displayed:



This is your last chance to cancel this process. Click on the button to cancel the process if you are not sure.
Click on the button to start the process. It is recommended that you do not use your system for other tasks while the process is busy.
Once the process is finished, you may continue to work in the New Year.

It is important to set your Screen Saver in the Windows Operating System off before commencing with this process. This will prevent the Screen Saver being activated, while the process is running and when you hit a key on your keyboard, this process may become corrupted.

Transactions may however be posted to the previous financial year after the year-end procedure is performed. TurboCASH will inform you if a batch contains transactions, which will be posted to the previous year (last year). When you click on the button, whenever such a message is received, the transactions will be posted to the previous financial year (last year).

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 option 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.