Overview
Year end is the conclusion of the 12-month period used for financial and other seasonal reporting. This is probably the date the accounting year ends for your business that is 30th June of each calendar year.
When running the P&L appropriation, the system creates a new period to stand for the EOY Roll eg if the period you are rolling is from 201607 - 201706 a period of 201607EOY is created.
The figures for all these cleared postable accounts are totalled and posted to the EOY period.
The value in the field 'Actual Movement' for the EOY period is the sum of all the postings for all periods cleared for the financial period in question.
The value in the field 'Actual Opening' for the EOY period is set to zero
The value in the field 'Actual Opening' for the next financial period after the EOY period is zero.
You can still run reports for each of the periods within that financial year.
The best way to see if a financial year has been rolled, is to go to the chart of accounts list view.
Add the following two columns of, Actual Opening Balance and Clear At year End fields.
Select Clear at Year end to be True
Select the first period of the next financial year. Eg if you have rolled 201607-201706 select the start and end period for 201707 as the Opening Balance for the P&L accounts should be zero
The opening balance for the Income, Cost and Goods and all expense accounts as long as they are flagged as clear at year end should have an opening of Zero.
The P&L appropriation roll clears all revenue into P&L appropriation general ledger account of 52035.
Most of our customers which to review the result in account 52035 and make adjustments eg dividends.
The normal procedure is to then journal from 52035 to 52045 retained earnings and including in that journal are often the adjustments.
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- Customer Trial Balance as at end of that financial period Customer Trial Balance (Summary)
- Supplier Trial Balance as at end of that financial period Supplier Trial Balance (Summary)
- Stock on hand report as at end of that financial period Stock Report - L018
- Bank reconciliation report for each bank account as at end of that financial period
- General Ledger Trial Balance General Ledger Trial Balance By Date Range or General Ledger Trial Balance
- General ledger Balance Sheet Balance Sheet
- General ledger Profit and Loss Profit & Loss
Profit & Loss Appropriation Roll
This Process is not necessarily run at the end of the financial year.
After your profit & loss accounts are finalised for a financial year, you should perform the following procedure to reset your profit & loss account closing balances to zero.
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