Review and close financial year

When all the steps in the Fund Setup have been completed, you can Review and Close the Financial Year.

Click the EDIT button in the Review and Close Financial Year row.

The Review and Close Financial Year July yyyy to June yyyy screen will be displayed. (yyyy will be determined by the start year you specified. The figures are for the year immediately preceding your Start Date.)

Check carefully, comparing all figures shown with the figures shown in your Fund’s Financial Statements for June 30 prior to your Start Date.

Check that the Clearing Account balance is $0.  If not, there is an error somewhere that you need to go back and rectify.

You may wish to print this report and/or create a PDF file to save with your Fund records.

If you are certain that all values are correct, click the CLOSE FINANCIAL YEAR button.

If your clearing account balance is not zero, the following message will be displayed:

You will need to review all balances entered and correct the error.

If there is no error, you will be taken to the Financial Years screen, where you can see that the first year listed (the year prior to your Start Year) is Closed and the GL is rolled.

Here, you can choose to View the Fund Setup or Rollback and Open Year (to make changes to the Setup information.)

If you realise you have made mistakes, you can still correct them. Choose Rollback and Open Year on the above menu.

The following will be displayed.

If you choose CONFIRM, the period close will be rolled back and you can edit your opening balances via the buttons on the Fund Setup Menu, and close again when the mistakes are corrected.

Note:  You can edit opening balances any time up to the closure of the next financial period (either the end of the financial Start Year or the end of an Interim Period you create), but you are strongly advised to make sure your opening balances are correct before you start recording transactions.