What to do for a Financial year end And When to do it

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    29-Dec-2015

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Accounts 2010What to do for a Financial year endAnd When to do it

This is a run-through of the stages needed to take you from one financial year to the nextIt assumes we are preparing Income & Expenditure AccountsIt assumes this is the end of your first financial year using Accounts 2010Lets call the year ending 31 March Year 1, the Year starting 1 April will be Year 2 (and the year preceding would have been Year 0)IntroductionFurther info and examples of all the stages are included in the Online HelpUpdate the Accounts 2010 applicationMake sure you have the latest version of the programDownload and install if you dont have it yet (guidance on the website)When: February or MarchMake sure that Year 0 end-of-year data has also been entered into the systemThis is needed to show last year columns in the Year 1 accounts, because Year 0 was not done on this systemTo enter details, go to Setup and select Restate Last YearThe minimum you will need is: Funds, Cash at Bank and VAT. Also enter any Debtors or Creditors at that year end.For I&E Annual Return purposes you must also enter the total Balance C/FdRemember that if a VAT refund was due, the VAT recoverable will be positive here (but negative in the VAT balance c/fd)When: February or MarchCreate Year 2 Login to Year 1 as normal, go to Setup and select Financial YearsSelect New and add a description, and start and finish dates Remember that this will in future appear at the top of the list of years at login, so be careful what you log in to in futureWhen: February or MarchCopy the basic structure to the next yearLogin to Year 2 Go to Setup and select Copy from Previous YearSelect any or all of the items you wish to continue the same next year (suppliers, codes etc)Amend any of the details to reflect your next year activityIf budgets are much the same year on year, it is easiest to copy all codes then amend the ones which have changed. To edit code details including budgets go to Setup and select Cost CodesDefinitely copy VAT Rates

When: February or MarchCarry out a final year-end Bank ReconciliationObtain if you can a 31 March statement from the bankLogin to Year 1 Go to Bank and select ReconcileIf everything successfully reconciles, print off the reconciliation report for each bank accountIf you have successfully reconciled all bank accounts, run Reconcile All Banks*

When: 31st March*You must present a 31 March reconciliation. If you check each bank account at the exact end of year you can obtain this consolidated report automatically at a later date. (Less work later!)7Start using Year 2From now on Login to Year 2 for all new transactions You do not have to wait for Year 1 accounts to be completed before starting Year 2

When: AprilBUT do not enter Year 2 transactions until you have run the Year 1 Reconcile All Banks, if you want a consolidated report which can be presented without alterationComplete your VAT return for the period ending 31 MarchLogin to Year 1 Run the usual VAT reports and confirm the end of year VAT balanceMake sure that your balance, your Balance Sheet and your HMRC claim all state the same figure!

When: AprilBring forward your Bank and VAT BalancesLogin to Year 2Go to Setup and select C/fd Bank/VAT BalancesBring forward both (if you later find an error in Year 1 you can repeat this)From now on use Year 2 for bank reconciliation (even for checking off transactions created in Year 1)

When: AprilProduce all your End of Year AccountsLogin to Year 1and go to Year EndEnter any conversion data needed (Adjustments etc)Select CalculateRun the Year End Reports (I&E Account, Working Document, Balance Sheet)Fix any problem, calculate and run the reports againWhen: April June (depending on your submission/publication timetable)Produce your Annual ReturnLogin to Year 1and go to Year EndIf you have successfully completed the Accounts so that everything balances, you can now produce the Annual ReturnWhen: April June (depending on your submission/publication timetable)Close the Year 1 AccountsLogin to Year 1and go to Year EndSelect Close accountsClose Accounts locks down Year 1 to prevent further amendment and also posts Year 1 data into Year 2 ready for Balance Sheet calculations at the end of Year 2Dont Close the Accounts until any Audit is complete and accounts signed off by External AuditorWhen: After Annual Return Approved by External AuditorCheck I&E Account and Balance Sheet for the current year whenever you wishLogin to Year 2 and go to Year EndYou can produce trial year-end accounts for Year 2 at any time, after the Year 1 accounts have been closed and data transferredWhen: After Accounts ClosedRemember in every year you must Close the previous years accounts before you can run any current year-end reportsBackup your DataLogin and go to Utilities:Security and select BackupBackup the database to removable media which you can store safely

Check the User Website Look out for News and for Further Program UpdatesWhen: Regularly