End of Year
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When Acumen detects that you are at the end of your accounting year (usually referred to as the Financial year) it performs an end of year roll over. Note that the starting month of your accounting years is recorded in the Ledger Configuration screen.
The end of year roll over performs the standard end of month processes as described above. It then performs the following:
Creates ledgers for the new year for those balance sheet items that are not parents of a child statement level and that have a non zero balance.
Places the current balance from these ledgers in the old year as opening balances in the new year.
Creates Ledgers in the new year for the account nominated as the carry forward account for any balance sheet ledger that is a parent of a child statement level.
Creates a Journal in the new year containing postings to transfer the balances of balance sheet ledgers that are not parents but have a nominated carry forward account against them.
The above items will require some more explanation so we will look at them in detail.