Create Year End Vouchers

Explanation

Use this activity to finally transfer the closing balances of a selected ledger from one accounting year to the opening balances of the next accounting year. One voucher for the closing balance and one voucher for the opening balance in period 0 in the following year will be created. 

When a balance amount is 0, it is not transferred to the new balance.

Prerequisites

Before a final transfer of the balances can be done, the following must have been completed for the selected ledger:

• The profit or loss for the past accounting year must be posted before the final transfer.
• There must not be any vouchers in the hold table.
• The accounting periods for the closing accounting year must be closed.
• A year closing period must be created.
• The user must be connected to a user group defined for year-end periods.
• This user group must be connected to the actual year closing and year opening periods and to a voucher type with function group YE.
• The accounting periods in the accounting year must all have the same status, either Closed or Finally Closed.

System Effects

As a result of this activity, two vouchers are created. One voucher for the closing of balances on the balance accounts in the year closing period of the year and one voucher for the opening of balances on the balance accounts in period 0 in the following year. The two vouchers are placed in the hold table of the selected ledger to be manually updated to the respective ledger.

When the year end vouchers are created, the year status of the selected ledger is changed to Closed. The Closing Balance and Opening Balance fields are updated with Final Voucher Created status when the respective voucher is updated to the ledger. See Accounting Periods for more information. 

If final closing of accounting periods is used, the status of the accounting year of the selected ledger will be changed to Finally Closed.

Window

Final Year End

Related Window Descriptions

Final Year End, Accounting Periods

Procedure

Use the following procedure to transfer final year-end balances:

1. Open the Final Year End  window.
2. Enter the ledger ID for which you want to transfer the final balances. The List of Values can be used to select the required ledger ID.
3. Select Create Year End Vouchers.
4. Enter the accounting year from which you want to transfer the closing balances.
5. Enter the accounting year to which you want to transfer the opening balances.
6. Enter the user group. Use the List of Values to select a user group valid for the accounting periods.
7. Enter the voucher type. Use the List of Values to select a voucher type that belongs the function group YE. The List of Values only contains voucher types that are valid for the user group.
8. To start the transfer, click OK. A validation is carried out to match the debit and credit balances. Assets, liabilities and owner's equity must balance. A validation is also carried out to ensure that all the accounting periods in the primary calendar from which the closing balances are to be transferred are closed or finally closed for the accounting year. A message is displayed when the transfer is complete.
9. Click Print to print the report in order to check the transfer. You can view the report by clicking Preview. The report can also be found in Archived Reports.