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End of Year Procedures

Use these procedures to process an EOY in Micronet v2.7 and above.

 

Reference

For more detailed instructions on End of Year procedures, or for EOY procedures in Micronet v2.6 and below, refer to the "62. Micronet End of Year Seminar".

Setup a New Financial Year

  1. Create and activate a new financial year.

Refer to "File - Financial Years".

  1. If your company uses T accounts to flag transactions for GL reporting, copy the T account combinations to the new financial year.

Refer to "Copying T Accounts for a New Financial Year (v2.8)".

Verify your Special Account Configuration

Current Year Earnings and Retained Earnings in the Balance Sheet are nominated in General Ledger configuration under Special Accounts.  When a new GL financial year is activated, the Current Year Earnings amount updates to Retained Earnings (Prior Year Profits).

Refer to "Edit - Applications - MGL - Special Accounts".

Archive Old Financial Years

Financial years can be archived and transactions purged for the year selected.  It is recommended that five financial years are sufficient to retain in your General Ledger. Older financial years should be archived from the system.

To archive an old financial year:

  1. Process End of Day in MDS to post transactions from MDS and MCL to the General Ledger.

Refer to "End of Period - End of Day" in the Distribution System user manual.

  1. Print and verify GL reports including the Bank Reconciliation, GL Trial Balance for the last month of the financial year to be archived, and GL Trial Balance for the current GL period.

Refer to "GL Transactions - Bank Reconciliation" and "Reports - Trial Balance".

  1. Check that all users are completely logged out of all Micronet modules.
  1. Backup your Micronet system.

Refer to "Backing Up Your Data".

  1. Archive the financial year.

Refer to "Maintenance - Archive Financial Year".

  1. Update the Bank Reconciliation.

When you archive a financial year, a new GL Opening Balance transaction is created for each GL account. This includes each bank account. These opening balance transactions need to be cleared from the Bank Reconciliation program.

Refer to "GL Transactions - Bank Reconciliation"

  1. Print reports and compare with the reports printed before the archive.

After you have archived a financial year, the Bank Reconciliation, GL Trial Balance for period 12 and GL Trial Balance for the current GL period must be printed and compared against the reports printed before the archive.

  1. Once all reports and account balances are confirmed, all users may log back into Micronet.

Process End of Year in Distribution and/or Creditors

General Ledger End of Year must always occur before the End of Year in Distribution or the Creditors Ledger.

Refer to "End of Period - End of Year" in the Distribution System manual and "End of Period - End of Year" in the Creditors Ledger manual.