End of Year Procedures

One of the advantages of FilePro is that you can continue to function following financial year end without having to carry out any specific year end processes.

 

The Profit and Loss will automatically start from zero balances on 1^st July.

 

At some point in the new financial year you should go into your ‘System Control’ screen and finalise the financial year.  This will roll forward your Balance Sheet balances and consolidate your Profit & Loss balance to the ‘Retained Earnings’ account.

 

 

Finalising the year does not lock the year – you can still go back and view/edit entries prior to 1^st July.  However at some point (once you have finished with the data and printed your reports for the accountant) you should go back to the System Control screen and turn your ‘Locking’ on for that period so that nothing can be changed.  This Locking can be temporarily switched off later when it comes time to enter the adjusting journals from your accountants.