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This guide has been reviewed against our global client base and classed as relevant to |
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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: Click Charges/Budgets
Click Close Year
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2. Close Financial Year screen Close financial year ending date defaults to the end date of the current year - but can be changed where required
When invoices haven't been raised to the financial year end date, red text will indicate this - see 2a
Outstanding invoices in year are identified - see step 3
Tick Show paid invoices to include paid invoices in the list
The Balance Sheet and Income & Expenditure report for the current year can be viewed below
Any changes made to the outstanding invoices will be immediately reflected in the reports shown
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2a. When invoices |
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haven’t been raised to the specified financial year |
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Red text will indicate this |
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3. Action outstanding invoices Any outstanding invoices need to be actioned before the year can be closed |
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 Image AddedFrom the Action column, click Select for options available for the selected invoice: Ignore
Use when the invoice can be ignored at this point - it can then be actioned by users (with appropriate permissions) after the financial year is closed Change invoice date
Allows you to forward-date the invoice as needed
Date defaults to the start of the next financial year
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 Image AddedPost expense to next financial year
Allows you to post as a prepayment into the next financial year
This is the same as the process covered here: Dealing with prepayments / journal transfer An option to ignore or credit in bulk is also available
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When choosing to Show paid invoices in this list, such invoices will be displayed with an Action type of None |
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4. Close financial year Once all outstanding invoices have been actioned (as described in step 3) |
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the financial year can be closed | Tip |
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Clicking Proceed to close the year |
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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)
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When ready to close the selected financial year: |
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How to use AgencyCloud to close the financial year |
