The End of Year Procedure

Typically the 31 March is the end of a trading financial year and there is a process to work through.

IMPORTANT: SoEasy allows you further 2 months to roll over your accounts so there is no actual pressure to have everything done by the 31/3/2018.

However you should be in the mode of closing your accounts and here are 3 helpful hints.

After the hints there are more detailed instructions.


HELPFUL HINT 1. Reconcile your bank accounts and your Cash on Hand Account


HELPFUL HINT 2. Make sure you have loaded your Creditors up to the 31/3/2018 and run the Creditors End of Month Procedure.


HELPFUL HINT 3: Eliminate Debtor Accounts that are overdue by either collecting the overdue amounts or writing them off.





Want to Improve Next Year?

Your End of Year is an opportunity to review how you did this year, and make changes to improve next year!

We provide an End of Year Service that make the whole process easy and provides important review and insights into your business.

Find out more by selecting this link: Get us to perform your End of Year Process and Improve Next Year!


Selling your Business?

It is common for businesses to change ownership at the End of Financial Year. For details on this process, please select this link:

Selling your Business


THINGS TO DO

Follow this list of things to do


A. REORGANISE FILES

  1. Make sure everyone is logged off SoEasy
  2. Take a backup (If on the web version, a backup has been taken for you already
  3. Front Company Menu > Maintenance > Reorganise Files


B. CASH BOOK

  1. Reconcile all bank accounts
  2. Make sure the CAsh On Hand Account has a zero balance or the amount of cash/cheques you have yet to bank


C. DEBTORS ALLOCATIONS

  1. Make sure you have allocated all debtor(customer) payments to their account and related invoices


D. WRITE OFF

  1. Write Off bad debts you wish to clear
  2. Platform > Debtors > Receive Payments
  3. Use the 'Journal Entry' button


E.CLOSE OFF OPEN INVOICES

  1. Close any open invoices you can and send to the customer
  2. Important to close them on or before 31/3/2016
  3. Use Platform > Debtors > Show Open Invoices


F. CREDITORS

  1. Load any creditor invoices
  2. You may have to wait a few days to receive all bills

    If waiting, you can still process EOM Debtors but you will need to wait to process any further


G. PROCESS THE EOM DEBTORS

  1. Send statements in the normal manner
  2. MAKE SURE to print off the Debtors' Aged Trial Balance


H. PROCESS THE EOM CREDITORS

  1. Platform > PROCESS THE EOM > Process Creditors
  2. MAKE SURE to print the Creditors' Report
    1. Platform > Reports > Creditors > All Current Creditors 


I. STOCK TAKE

  1. Perform a stocktake > Platform > Products > Stocktake (Link to more help)
  2. Produce a Stock Value Report
    1. Platform > Reports > Products > Stock Value


J.EOY REPORTS AND ROLLOVER

  1. Cash Book Main Menu
  2. You should see a message in the middle of the screen:
  3. > End of Year is x days overdue, click on it
  4. Follow the procedures

    During the rollover procedure, SoEasy takes a complete copy of your data and stores it in an archive.
    This means we can always review the archive for information