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This guide has been reviewed against our global client base and classed as relevant to the following regions: UK, APAC, UAE |
This article outlines how to close the financial year
Once the financial year is closed (unless you have security permissions set up to allow it) you will no longer able to make any changes to transactions that effect that financial year
1. Close year option From the estate record:
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2. Close Financial Year screen
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3. Action outstanding invoices Any outstanding invoices need to be actioned before the year can be closed From the Action column, click Select for options available for the selected invoice:
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When choosing to Show paid invoices in this list, such invoices will be displayed with an Action type of None |
4. Close financial year
Once all outstanding invoices have been actioned (as described in step 3), it is possible to click Proceed to close the year
- Click Proceed
This will carry out several processes- The actions selected for all outstanding invoices will be performed
- The date that the year is closed will be stored
- The amounts shown on the Balance Sheet will be captured and stored against the estate for that financial year - these figures will then be used in future reports when figures for that financial year are needed to look back on (usually for comparison)
- The actions selected for all outstanding invoices will be performed
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