What to do for a Financial year end
And When to do it
This is a run-through of the stages needed to take
you from one financial year to the next
 It assumes we are preparing Income & Expenditure
Accounts
 It assumes this is the end of your first financial
year using Accounts 2010
 Let’s call the year ending 31 March Year 1, the Year
starting 1 April will be Year 2 (and the year
preceding would have been Year 0)

Further info and examples of all the
stages are included in the Online Help
 Update


the Accounts 2010 application
Make sure you have the latest version of the
program
Download and install if you don’t have it yet
(guidance on the website)
 Make
sure that Year 0 end-of-year data has also
been entered into the system


This is needed to show ‘last year’ columns in the Year 1
accounts, because Year 0 was not done on this system
To enter details, go to Setup and select Restate Last Year
◦ The minimum you will need is: Funds, Cash at Bank and VAT.
Also enter any Debtors or Creditors at that year end.
◦ For I&E Annual Return purposes you must also enter the total
Balance C/Fd
◦ Remember that if a VAT refund was due, the VAT recoverable
will be positive here (but negative in the VAT balance c/fd)
 Create


Year 2
Login to Year 1 as normal, go to Setup and
select Financial Years
Select New and add a description, and start
and finish dates
 Remember that this will in future appear at the top of the
list of years at login, so be careful what you log in to in
future
 Copy



Login to Year 2
Go to Setup and select Copy from Previous Year
Select any or all of the items you wish to continue
the same next year (suppliers, codes etc)



the basic structure to the next year
Amend any of the details to reflect your next year activity
If budgets are much the same year on year, it is easiest to
copy all codes then amend the ones which have changed.
To edit code details including budgets go to Setup and
select Cost Codes
Definitely copy VAT Rates
 Carry



out a final year-end Bank Reconciliation
Obtain if you can a 31 March statement from the bank
Login to Year 1
Go to Bank and select Reconcile
 If everything successfully reconciles, print off the
reconciliation report for each bank account
 If you have successfully reconciled all bank accounts, run
Reconcile All Banks*
*You must present a 31 March reconciliation. If
you check each bank account at the exact end
of year you can obtain this consolidated report
automatically at a later date. (Less work later!)
 Start


using Year 2
From now on Login to Year 2 for all new
transactions
You do not have to wait for Year 1 accounts
to be completed before starting Year 2
BUT do not enter Year 2 transactions until
you have run the Year 1 Reconcile All Banks,
if you want a consolidated report which can
be presented without alteration
 Complete



your VAT return for the period
ending 31 March
Login to Year 1
Run the usual VAT reports and confirm the
end of year VAT balance
Make sure that your balance, your Balance
Sheet and your HMRC claim all state the same
figure!
 Bring



forward your Bank and VAT Balances
Login to Year 2
Go to Setup and select C/fd Bank/VAT Balances
Bring forward both (if you later find an error in Year 1
you can repeat this)

From now on use Year 2 for bank
reconciliation (even for checking off transactions created
in Year 1)
 Produce


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
all your End of Year Accounts
Login to Year 1and go to Year End
Enter any conversion data needed
(Adjustments etc)
Select Calculate
Run the Year End Reports (I&E Account,
Working Document, Balance Sheet)
Fix any problem, calculate and run the
reports again
 Produce


your Annual Return
Login to Year 1and go to Year End
If you have successfully completed the
Accounts so that everything balances, you
can now produce the Annual Return
 Close


the Year 1 Accounts
Login to Year 1and go to Year End
Select Close accounts
 Close Accounts locks down Year 1 to prevent
further amendment and also posts Year 1 data into
Year 2 ready for Balance Sheet calculations at the
end of Year 2
 Don’t Close the Accounts until any Audit is
complete and accounts signed off by External
Auditor
 Check


I&E Account and Balance Sheet for
the current year whenever you wish
Login to Year 2 and go to Year End
You can produce trial ‘year-end’ accounts for
Year 2 at any time, after the Year 1 accounts
have been closed and data transferred
Remember in every year you must Close
the previous year’s accounts before you
can run any current year-end reports
 Backup


your Data
Login and go to Utilities:Security and select
Backup
Backup the database to removable media
which you can store safely
 Check

the User Website
Look out for News and for Further Program
Updates