Run the year end

Find this screen

Open: Period End Routines > Year End.

Year end process

Make sure your accounts are up to date

1. Post all day to day transactions and allocate as much as possible.

   You don't have to allocate everything before the end of the year, although it is good practice. You can still allocate transactions even when they're posted in different financial years.

2. Remember to post any transactions that you normally enter at the end of a period such as prepayments and accruals.

3. Process your standing orders and direct debits up to the end of the year. You can't close a period until you've done this.

4. If you use foreign currencies, revalue your bank accounts. This makes sure that your balance sheet reflects the correct bank balances and that any gains or losses due to currency fluctuations are reported on your profit and loss.

5. Enter any correction journals that your accountant has given you. Don't forget you must do this before you close the relevant period.
6. Reconcile your bank accounts. Although this is not essential, it is good practice.

Print and check your reports

Your accountant or auditor will usually let you know which reports you require. We recommend that you check the following as a minimum:

1. Your final Trial Balance.
2. Your Profit and Loss Income and Expense reports, CFR Balances report (maintained schools), SOFA report (academies), and Balance Sheet.
3. Your Aged Debt and Aged Credit reports and reconcile them with your Debtors Control and Creditors Control accounts.
4. Print any other reports that you want to keep for your records. You may want to check with your accountant or auditor which reports are required.

Close your accounting periods

You can't run the year end until your accounting periods are closed.

To close your accounting periods:

Open: Settings > Organisation and Financial > Accounting Periods.

1. Choose an Open period to close.

   The periods have to be closed in order, so choose the earliest open period first.

2. Click Change Periods Status.

Note: You will need appropriate user permissions to change the period, which you can set using Accounting Periods User Permissions. See Set accounting period permissions.

Run the year end to close your financial year

Open: Period End Routines > Year End.

1. Confirm your final reports have been printed by selecting the Year end reports confirmation boxes.

2. Click OK to proceed.

3. You are prompted to open the required periods in the new year.

   If you don't do this now, you can do this later, using the Maintain Accounting Periods screen.

   Note: You must open the required periods before transactions for the new year will appear in your nominal accounts.

4. You are prompted to run the Verify data option.

Run Verify data

Once you've run the year process, you'll be prompted to run the Verify data option. We recommend that you do this to check for discrepancies in your data.

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Useful info

Year end for consolidated companies

When you run the year end process, the year to date balance of all Profit and Loss accounts is cleared down and your profit transferred to your retained profit account. The year to date balance on your Balance Sheet nominal accounts is kept.

This has implications when you're consolidating in to a parent companyreporting company. This is because the balance of each account the last time you consolidated is kept to make sure balances are not transferred more than once.

At the beginning of the new financial year, you need to clear this consolidated balance from your profit and loss accounts but keep it for your balance sheet nominal accounts. To achieve this you must clear the balance of all nominal accounts in the parent, clear the consolidated balances in the each subsidiary and re-consolidate.

See Consolidation - Year end.

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Fix it

See an error message about accounting periods?

You can't run your year end until all your accounting periods are closed. You do this on the Accounting periods screen.

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What happens when I save?

What does the year end do?

1. Checks to make sure you've specified an account for Accumulated Fund Profit for each of your funds (cost centres).

   If these accounts don't exist Sage 200 will create them for you.

2. Transfers your profit (or loss) for the year to the Accumulated Profit nominal account.

   A report is produced that shows how this has been calculated.

3. For profit and loss nominal accounts:
   1. The Year to date balance is set to zero.
   2. The Balance this year is set to zero.
4. For balance sheet accounts:
   1. The Year to date balance is carried forward to the new year.
   2. The Balance this year figure is moved to the Balance last year.

5. Produces a transaction that transfers the remaining balance (based on transactions marked as part of the financial year) in each of your funds to the Accumulated Fund Profit account with corresponding cost centre.

6. Moves your financial year forward.
7. Resets your current periods to 1.

1. Transfers your profit (or loss) for the year to the Accumulated Profit nominal account.

   A report is produced that shows how this has been calculated.

2. For profit and loss nominal accounts:
   1. The Year to date balance is set to zero.
   2. The Balance this year is set to zero.
3. For balance sheet accounts:
   1. The Year to date balance is carried forward to the new year.
   2. The Balance this year figure is moved to the Balance last year.
4. Moves your financial year forward.
5. Resets your current periods to 1.

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