End of Year Procedures - 2.8 Hosted

Best Practice Do not begin any End of Year process before you have read these instructions in full.

In Micronet version 2.8, a new financial year needs to be set up in the General Ledger prior to running an End of Month in June. In addition, if your GL is set up with T accounts, you need to create new T account combinations on the chart of accounts for the new financial year.

Warning It is essential that each of these processes is monitored. Do not start a process and then leave it unsupervised. If an End of Period or End of Year process has not completed, under no circumstances should it be restarted. Contact Service Desk immediately if you suspect that there has been, or is a problem.

Micronet General Ledger Version 2.8

To activate a new financial year in the Micronet General Ledger:

1. In the General Ledger, select FILE | FINANCIAL YEARS.

Micronet displays the Financial Year Update screen showing the previous and current financial years set up in Micronet.

2. To set up a new financial year, select the Add button.

Micronet displays a screen asking for the new financial year details.

3. Enter the starting period for the new financial year.

4. Enter a description for the new financial year in the Description field, e.g. “FY21/22”.

5. Check that the default No of Periods in the financial year is set to 12.
6. Set the Active field to Yes.

7. When you are sure the details you have entered are correct, select the Accept button.

The Financial Year Update screen is redisplayed with the new financial year added.

8. Select the Esc key to return to the General Ledger main menu.

T Account General Ledgers Only

To create new T account combinations on the chart of the accounts for the new financial year:

1. Select FILE | GL ACCOUNTS.

Micronet displays the Account Selection screen.

2. Select an account.

Micronet displays the Account File Update screen.

3. Select the T Accounts tab.

4. Select the T account combination you want to copy.
5. Select the Copy T-Accounts for Financial Year button.

Micronet displays the Copy T Accounts screen.

6. Select the appropriate button:

• Create for Profit and Loss – create the selected T account combination for the Profit and Loss sheet only
• Create for Balance Sheet – create the selected T account combination for the Balance Sheet only
• Create for all Accounts – create the selected T account combination for all GL accounts in your chart of accounts.

Micronet creates the new T account combinations for your chart of accounts for the new financial year.

7. Repeat the steps above to create the new T account combinations on each GL account.

Micronet Distribution Version 2.8

In the Creditors Ledger and Distribution, the End of Year procedure is run as an additional task, immediately after the End of Month procedure for the last month of the financial year.

You should read this document with your End of Month procedures.

Essentially, the End of Year process for Distribution runs through all of the data files and zeros the Year to Date values. For that reason, the process must be run immediately after you finish your normal End of Month procedure.

Technical Tip From this point on, ALL users should be logged out of ALL applications. Terminals must not be left at the Micronet main menu; they must be logged out using START | LOGOFF at the Windows Start Menu. Users are allowed back in to Micronet when you are confident that the EOM and EOY processes have been completed successfully.

Best Practice Before you start the End of Month process, the following reports should be printed and/or saved as a PDF (as a minimum) and retained for audit purposes: Debtors Aged Trial Balance Report Monthly Sales Register Inventory Valuation Report Debtors Transaction Audit Report Uncosted Reports by supplier for both local and imported goods.

1. Lock the system date in MDS by selecting MAINTENANCE | CHANGE LOCAL DATE.

Micronet records the End of Year processing date in the company files. As End of Year may be run in each module at different times, it is important that the correct date is recorded, e.g. 30/6/2021.

2. Go to the END OF PERIOD menu at the main Micronet Distribution screen. Select END OF MONTH | END OF MONTH.
3. When End of Month is complete, it is recommended that you run the System Summary, Debtors Aged Trial Balance and Monthly Sales Register to check that the current values have been reset to 0. Investigate and correct any problems before continuing.

4. Now log out of Distribution, log back in and check that the correct month/period appears on the main screen.
5. In the Distribution system, select END OF PERIOD | END OF YEAR | END OF YEAR.
6. Once the End of Year process is complete, quit out of the Distribution system and log back in again.
7. Run the System Summary to the screen and ensure all Year to Date values are now zero.

8. If all Year to Date values are zero, reset the system date in MDS by selecting MAINTENANCE | CHANGE LOCAL DATE then selecting Reset.

When the date is locked, it must be reset prior to posting any transactions in MDS. Micronet sets the date back to the system date. You may now let users into the system to continue trading for the new year.

Should the Year to Date values not be zero, or you are concerned about any figures displayed in your System Summary, please contact the Service Desk before continuing to trade.

Micronet Creditors Ledger Version 2.8

As with Distribution, Creditors End of Year runs through all of the data files and zeros the Year to Date values. Again it is essential that the process is run immediately after you finish your normal End of Month procedure.

Best Practice Before you start the End of Month process, the following reports should be printed/and or saved as a PDF (as a minimum) and retained for audit purposes: Creditors Aged Trial Balance Report Creditors Aged Trial Balance with Transactions Report Purchase Journal – Actual Current Report. Note that if you are set up for multi-currency creditors, you must run these reports in the base currency set up in your Micronet system. That is, when you print the reports, make sure you set the Display Account In field to Transaction Currency on the Select Exchange Rate screen. This converts all transactions to the base currency using the transaction exchange rate.

1. Make sure that all users are logged out of the Micronet Creditors Ledger (MCL).
2. Lock the system date in MCL by selecting MAINTENANCE | SET LOCAL DATE then enter the end of financial year date.
3. Run your Creditors End of Month procedure as normal.
4. Now log out of MCL, log back in and check that the correct month/period appears on the main screen.
5. At the main menu of MCL, select END OF PERIOD | END OF YEAR.
6. Once the End of Year process is complete, quit out of the Creditors Ledger and log back in again.
7. Select a regular Creditor account and run an account inquiry.

Select REPORTS | CREDITOR INQUIRY, select a creditor then select INQUIRY | ACCOUNT INQUIRY.

8. Run a Creditor Summary on the same creditor and ensure that all Year to Date values are zero.

Select REPORTS | CREDITOR INQUIRY, select a creditor then select INQUIRY | CREDITOR SUMMARY.

9. If all Year to Date values are zero, reset the system date in MCL by selecting MAINTENANCE | SET LOCAL DATE then selecting Reset.

You may now let users into the system to continue trading for the new financial year.

Should the Year to Date values not be zero, please contact the Service Desk before continuing to trade.