Year End Procedures
YEAR END PROCEDURES
This white paper will help you to …

Process all Debtors transaction to year end date

Process all Creditors transactions to year end date

Reconcile Bank Accounts to year end date

Close General Ledger

Create Message Format to report on Profit Transfers created

Run Profit Transfers and create relevant journals
STEP ONE - DEBTORS
NOTE: Steps One to Three follow the “normal” period end processes. It is important to
follow through and complete all Debtors transactions first, then Creditors and Bank Rec
before closing General Ledger. Any transaction that is posted after initial reconciliations
are made in each module, will affect your Year End figures.
Firstly ensure that all Debtors documentation (invoices, receipts, credit notes and journals)
are entered in the system. Follow your normal procedure to close off Debtors and
Creditors for period end, by going into Accounting Module, selecting Period Close from the
menu tree on the left and pressing Save button. Ensure that everything balances in
Debtors before proceeding to Creditors.
STEP TWO - CREDITORS
Ensure that all vouchers are processed, paid and closed to the year end period. You can
run an Outstanding Vouchers report for the year and process everything before proceeding
to period end. Use the Accounting module again to close off the Creditors period in the
same way as Step One.
Page 1 of 6
iS White Paper
tourplan.com
Year End Procedures
STEP THREE – BANK RECONCILIATION
If you are using the Bank Reconciliation module then this should be processed from the
physical bank statement(s) to the last day of the Period End. Any transactions after that
should be left to reconcile into the new period.
STEP FOUR – GENERAL LEDGER
If there are journals to be processed which the Auditor/Chartered Accountant has
requested, these should be processed prior to closing the final period. These could include
Depreciation, Gain/Loss on Sale, Current Account journals, Bad Debts, etc. Do not enter
GL Journals, which will refer to taking the profit into Retained Earnings. This will be done
done using the End of Year Revenue/Expense Transfers. Tourplan transactions are created
during this process which will bring the Income and Expense accounts into the New Year
with a zero balance.
STEP FIVE – MESSAGE FORMAT FOR REPORT
When Profit Transfer is processed you will have the opportunity to output a report to fax,
email, file or printer to show the journals created at Year End. Here is a suggested layout
for the Message Format to use. Message type is Journal. Company logo and layout is fully
customisable by you.
Header Section:
Company Name
Year End Transfers Report
Reference:<TRNREF>
Date:<TRNDATE>
Period:<TRNPER>
Description:
<TRNADDESC1>
<TRNADDESC2>
Page 2 of 6
iS White Paper
tourplan.com
Year End Procedures
<TRNADDESC3>
Lines Section
Account
Description
Debit
Credit
<TRNAC:F>
<TRNDESC1>
<TRNDRAMT>
<TRNCRAMT>
<TRNDESC2>
Tail Section
TOTAL
<TRNDRTOT> <TRNCRTOT>
Date Entered: <TRNENTDATE>
STEP SIX – PROFIT TRANSFER
In the Accounting module, select General Ledger and Profit Transfer. The display allows a
selection of GL accounts who balances are to be transferred.
Selection Screen definitions:As At Period - The period for which balances will be transferred
Journal Date - Date for the Journal Header
Reference - Journal Reference
Description - up to 3 lines of description for the journal
Branch/Department/Account - Values that will identify GL accounts into which the
Revenue/Expense balances will be transfered (the retained earnings accounts). The
Brnach/Department codes can be left blank which will indicate that the posting will be into
multiple accounts, based on the Brnach/Department of the originating balance. The
account should be non-blank.
Print Journal on Completion – Check box to have the system automatically print the
Journal that is created by the prcess, defaults to True.
Branch/Department - Include/Exclude lists to identify the branch and department values
whose account balances are going to be transferred.
Account From To – Range of account numbers to be transferred. Blank indicates all
accounts within the selected Branch/Department values.
Page 3 of 6
iS White Paper
tourplan.com
Year End Procedures
Click the Save button to save the journals created. Then you can click Print , select the
message format that you have already created and you can choose to output to file,
printer, fax or email.
You can then check the Journals created in the General Ledger.
Page 4 of 6
iS White Paper
tourplan.com
Year End Procedures
MULTI CURRENCY GENERAL LEDGER
If your General Ledger is multi currency, there are two ways you could handle your Profit
Transfer to a Retained Earnings account. Exchange Rates used in the General Ledger are
as per what was stored against the transaction on entry into Tourplan.
Dependent on individual accounting requirements, you could do either of the following:
ONE - Create a Retained Earnings Account in Base Currency only.
The resulting Profit Transfer Journals will display as follows (in Base Currency):
You can view
the transactions
in Transaction
Currency instead
of Base Currency
by deselecting
this box
Page 5 of 6
iS White Paper
tourplan.com
Year End Procedures
TWO – Create a Retained Earnings Account and attach all GL currencies used:
The resulting Profit Transfer Journal will show transactions in Transaction Currency
You can view
the transactions
in BASE Currency
instead of
Transaction
Currency by
selecting this box
Page 6 of 6
iS White Paper
tourplan.com