Entered Mon, 26 May 2003 15:35 by
Updated Thu, 19 Jun 2003 15:37 Previous
Year end processing is carried out once all financial reports and figures have been finalised for the financial year. Typically this could be several months after the year end has passed. This creates no problems in FastBase.
The system will display the current year end date and the new year end date. These dates cannot be changed.
Once you click on the start button the system will display the profit/loss figure for the year. Confirm this figure and the year end process will be completed.
The year end process simply creates a one-sided journal entry posting the profit/loss figure to the retained earnings account. This account is specified in the General Ledger module, see Utilities - Module: General Ledger.