You may find it helpful to use the following checklist to ensure that you complete the necessary steps to complete the Year-End.
STEP |
Ensure it is scheduled at an appropriate time before the actual end of the Next Year occurs, when processing would be stopped. |
Agree with finance staff that the Current Year being closed off is fully completed. |
Add the financial period end dates for the new financial year. |
Check there are no remaining unposted batches for the year being closed off. |
Ensure that the Clearing Account balance is zero. |
Close all the periods in the Current Year. |
Run the Year End routine. |
Check that the periods have moved forward, and those in the new Next Year can be opened/closed. |