GL Year End
This documentation covers how to work through a financial year end in a Coins ERP+ system which has been set up and is running. The notes and examples assume that you have a year end of 31 December, but year end can be at any point. It also assumes 12 periods, and thus that period 12 is the last in a year, but there can be other numbers of periods in a financial year (up to 18).
Unlike some other finance systems there is no specific process in COINS that has to be run exactly at the year end point. The system administrator just closes the last period (say 12/19) and opens up the next one (say 01/20) in the same manner as a normal month end.
There is no clearing down of P&L accounts process and no transfer process to take Retained Earnings forward. These steps are handled automatically by the system. The new year periods need to have been set up in advance.
COINS financial periods in a year use three main expressions: “Previous Year”, “Current Year”, and “Next Year”. The General Ledger Configuration screen shows which is the Current Year. Transactions can be entered into Current Year and Next Year, thus (normally) 24 periods. The Previous Year (at least) is available for reporting. When the Year-End procedure is run, the older of the two open years on the system is closed and becomes the Previous Year; what was the Next Year becomes the Current Year.
The financial year is denoted in Coins ERP+ by the calendar name of the year in which the financial year ends – for example, the financial year running from April 2023 – March 2024 is denoted as 2024.
Note: Before commencing the Year-End procedures, it is strongly recommended that you make an up-to-date backup of your database. In addition, if you are unsure for any reason, make a copy of live and prove the results beforehand.