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cats:procedures:closeyear [2022/06/29 16:31] – [Before Closing the Year] wiki_admin | cats:procedures:closeyear [2022/06/29 16:52] (current) – [After Closing the Year] wiki_admin | ||
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At the end of every financial year, all information for that year should be verified for accuracy and checked against other records, such as those received from banks and auditors. Then the accounting periods should be frozen and moved to the history file to prevent users from making entries that change the year's totals. This is called " | At the end of every financial year, all information for that year should be verified for accuracy and checked against other records, such as those received from banks and auditors. Then the accounting periods should be frozen and moved to the history file to prevent users from making entries that change the year's totals. This is called " | ||
- | <note warning> | + | <note warning> |
+ | Make sure that the data in the current and end-of-year isolation is accurate before closing the year.</ | ||
==== Before Closing the Year ==== | ==== Before Closing the Year ==== | ||
The following steps should be made before closing the financial year in CATS: | The following steps should be made before closing the financial year in CATS: | ||
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==== Automatic Changes Made by CATS When Closing the Year ==== | ==== Automatic Changes Made by CATS When Closing the Year ==== | ||
- | * **Loans** - Loan balances become opening balances. Inactive loans are deleted. | + | * **Loans** - Loan balances become opening balances. Inactive loans are removed. |
* **1099** - Recalculates all of the 1099 values for records within the year selected. | * **1099** - Recalculates all of the 1099 values for records within the year selected. | ||
- | * **Set up current charges** - The file for current | + | * **Set up current charges** - Current |
* **Set Account Balances to Opening Values** - Account opening period balances are set to the current balance. A/R and A/P and bank balances are updated. | * **Set Account Balances to Opening Values** - Account opening period balances are set to the current balance. A/R and A/P and bank balances are updated. | ||
* **Update History File** - G/L transactions for the period being closed are moved into the history file. | * **Update History File** - G/L transactions for the period being closed are moved into the history file. | ||
- | * **Purging Transaction File** - The G/L is purged of transactions from the period being closed. | + | * **Purging Transaction File** - All completed |
- | * **Setting Invoice Balances** - The opening period balance for any open invoices is set to the current balance. | + | * **Setting Invoice Balances** - The opening period balance for any open invoices is set to the current balance. |
- | * **General Ledger** - For the end of the year, the revenue | + | * **General Ledger** - Revenue |
* **Purchase** - Opening period quantities and amounts are set for purchases. | * **Purchase** - Opening period quantities and amounts are set for purchases. | ||
* **Sales** - Opening period quantities and amounts are set for sales. | * **Sales** - Opening period quantities and amounts are set for sales. | ||
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==== After Closing the Year ==== | ==== After Closing the Year ==== | ||
- | * Check that the isolated period has ending balances | + | * Check that the ending balances |
- | * [[cats:manual:accountmaintenance|Move the accounting periods forward one year]], so the current | + | * [[cats:procedures:accounting: |
* [[cats: | * [[cats: | ||