GL End of Year in Version 2 6 and below

You are here: 62. Micronet End of Year Seminar > 62.5. End of Year Procedures > GL End of Year in Version 2 6 and below

GL End of Year in Version 2.6 and Below

The Micronet v2.6 General Ledger is a 24 period ledger comprising:

Year 1 – GL periods 1 to 12
Year 2 – GL periods 13 to 24.

GL period 0 is Opening Balance and is made up of Balance Sheet amounts only.

GL End of Year must happen before the actual End of Year. When GL End of Year is run, transactions in periods 1-12 are purged, new opening balances are transferred to GL Opening Balance, and transactions in periods 13-24 are reassigned to 1-12. This leaves GL periods 13-24 for the new financial year transactions. GL periods have been reset in advance to ensure that MDS and MCL ledgers have a new year to roll into.

Warning

If GL End of Year has not been run first, a warning displays when Distribution or Creditors End of Month is run. Call the Micronet Service Desk immediately for assistance.

GL End of Year is run earlier in the financial year (traditionally before June in Australia). MDS and MCL End of Year should be run after End of Month on the last day of the financial year.