If a report displays amounts in a report that is considered incorrect, before anything else, perform a period end.
It is NOT neccessary to perform postings, so at the end of running the period end, select N, for no, when prompted to perform postings.

Why is it neccessary to perform a period end?

There are 2 reasons.

First, a period end is considered basic housekeeping operation. The process recalculates all period balances.

Second, the computing of balances over a period can be speeded if the period dates are maintained to be those of the current financial period. Current meaning the one you are up to financially speaking and not the physical financial period. I.E. your current finanacial period may be a year, or more, back from the physical finanacial period.

If you do not use the program for financial reports, it is best that the period end date are kept recent. This helps with the speed of reporting debtor and supplier aged balance reports.

A period end is run from the option Period End Process found in the Supervisor menu.

The following is an extract from F1 help within the Period End Process screen:

PERIOD END PROCESS

If you input a date to this (Calculate new Current Period From:) field and Ctrl-Enter the Period End Process will run.

 

A Period End Process can be run WITHOUT running a Year End Process.

 

This process will have NO permanent effect on your data, and will NOT summarise any transactions.

 

It will calculate a balance for each General Ledger, Customer and Supplier account as at the date(s) you indicate and hold these figures on file.

 

It will then be possible for you to display Period to Date balances for each account, and to prepare reports showing periodic performance figures.

 

You may run this utility as often as you like and it is suggested that you run it at least at the end of each calendar month.

 

If you do NOT run the process, reports may become progressively slower as the program works its way through larger and larger files of data in order to arrive at current figures, but it will have no consequence upon the validity of the data in your

program.

 

USING PERIOD END TO RECTIFY BALANCES: If, for any reason, you suspect that the balances for Customers, Suppliers or Ledger Accounts are incorrect, running the Period End process will recalculate all balances automatically, and validate them.

 

YEAR END PROCESS: Year End is a two stage process:

 

1   First stage enables the system to display Year to Date balances in all General Ledger, Customer and Supplier account enquiry screens, calculating these values as from the date input to this (Calculate New Financial Year From:) field.

 

This Stage of the process will have NO permanent effect on your data, and will NOT summarise any transactions.

 

A Year End Process can NOT be run WITHOUT running a Period End Process (see next Topic).

 

2   Second stage - ONLY accessible after completion of the First Stage - enables you to have the system automatically transfer ledger balances from all Income and Expense accounts to the Profit and Loss Account. 

 

We suggest that you run the Second Stage of this process ONLY AFTER you have CONSULTED WITH YOUR ACCOUNTANT, as there are frequently a number of Journal entries that he or she will require before the final transfer of all balances to the Profit and Loss account.

 

If you accept the system's prompt to transfer balances to the P&L, balancing entries will be automatically posted to each Income and Expense account AS AT THE YEAR END DATE.

 

THE PERIOD END & YEAR END PROCESSES IN MORE DETAIL:

 

PERIOD END PROCESS:  This procedure is found in the Supervisor, General Ledgers menu.

 

If you input a date to the 'Calculate new Current Period From' field and Ctrl-Enter, the Period End Process will run.  Please note that the date would normally be the first day of the month, not the last day of the previous month.

 

A Period End Process can be run WITHOUT running a Year End Process (see next Topic).

 

This process will have NO permanent effect on your data, and will NOT summarise any transactions.

 

It will calculate a balance for each General Ledger, Customer and Supplier account as at the date(s) you indicate and hold these figures on file.

 

It will then be possible for you to display Period to Date balances for each account, and to prepare reports showing periodic performance figures.

 

You may run this utility as often as you like and it is suggested that you run it at least at the end of each calendar month.

 

If you do NOT run the process, reports may become progressively slower as the program works its way through larger and larger files of data in order to arrive at current figures, but it will have no consequence upon the validity of the data in your program.

 

USING PERIOD END TO RECTIFY BALANCES:  If, for any reason, you suspect that the balances for Customers, Suppliers or Ledger Accounts are incorrect, running the Period End process will recalculate all balances automatically, and validate them.

 

YEAR END PROCESS:   Procedure to be followed prior to running End of Year processing:

 

Firstly run a Period End from the first day of June for the current year.  Do not at this stage change the 'Calculate New Financial Year from' date to this current year and answer 'No' to the message 'Carry out EOY postings?  Y/N'.

 

Run a Bank Reconciliation report and balance against your bank statements.

 

If necessary, print a Stock Take list from the Stock & Charges, Listing/Valuations menu and say Yes to Stock Take List and then do a physical stock take.  Adjustments can be entered in the Supervisor, Utilities, Stock Adjustments section.

 

Run a Trial Balance to 30/6/xx (where xx refers to the current year) and ensure it is in balance.  If not, then refer to the section 'Tracking a Trial Balance Imbalance' and work through it until the Trial Balance is balanced.

 

Run a Suppliers Aged Balance and Customers Aged Balance report to 30/6/xx and compare it to the Supplier and Debtor balances on the Trial Balance.

 

Run the Revenue Statement and Balance Sheet reports as at the 30/6/xx and ascertain that the figures are correct.

 

When you are satisfied that all financial figures are correct then DO A BACKUP OF YOUR DATA onto floppy disk, tape or zip drive and store in a secure place.  Then you are ready to begin the Year End process which is a two stage process.  Please note that once you have run Year End you will be unable to run reports from the earlier period without reversing the Year End process.

 

1.  First stage enables the system to display Year to Date balances in all General Ledger, Customer and Supplier account enquiry screens, calculating these values as from the date input to the 'Calculate New Financial Year From' field.

 

This Stage of the process will have NO permanent effect on your data, and will NOT summarise any transactions.

 

A Year End Process can NOT be run WITHOUT running a Period End Process.  If you input a date to the 'Calculate new Current Period From' field and Ctrl-Enter, the Period End Process will run.  Please note that the date should be the first day of July, not the last day of the previous month. 

 

2.   Second stage - ONLY accessible after completion of the First Stage - enables you to have the system automatically transfer ledger balances from all Income and Expense accounts to the Profit and Loss Account.  Change the 'Calculate New Financial Year from' date to this current year (1/7/1998) and answer 'Yes' to the message 'Carry out EOY postings?  Y/N'.

 

We suggest that you run the Second Stage of this process ONLY AFTER you have followed the above procedures and CONSULTED WITH YOUR ACCOUNTANT, as there are frequently a number of Journal entries that he or she will require before the final transfer of all balances to the Profit and Loss account.

 

If you accept the system's prompt to transfer balances to the P&L, balancing entries will be automatically posted to each Income and Expense account AS AT THE YEAR END DATE.

 

The resultant balance in the Profit and Loss ledger may be journalled to any capital ledger(s) you require, also upon the advice of your accountant.

 

Once the End of Year procedure has been finalised, run the Trial Balance, Trading Account, Profit & Loss, Revenue Statement and Balance Sheet reports as at today's date and ascertain that the figures are correct for the new financial year.

 

I'VE RUN A YEAR END AND NEED TO MAKE CORRECTIONS?: No problem. Run it again.  You may end up with a couple of sets of closing entries in some Income and Expense ledgers, but the P&L will be right, and you can then manually Journal from the P&L to the Capital account.

 

TO COMPLETE THE PROCESS: The program will stop short of completing the Year End process automatically to give you the opportunity to review the results or to journal the resultant Profit or Loss for the Year (or Period) to whatever Capital accounts you might wish.