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GP Accounts - End of Year Procedures

Article ID
11149
Article Name
GP Accounts - End of Year Procedures
Created Date
2nd January 2015
Product
IRIS GP Accounts
Problem

How do I process a year end?

Resolution

Click here to download an interactive tutorial.

The package normally only stores ‘live’ data for a single accounting period of up to 18 months.

After this, at some point you have to perform End-of-Year procedures to archive the current year’s data and reset the package to work with the new year.

These procedures are automated in the form of a series of Helper screens which take you through the procedure step-by-step.

The End-of-Year procedures can be performed at any time after the end of the accounting period but the package will allow you to enter up to 6 Extra months beyond the end of the actual period and it is probably best left for a month or two to get most of last year’s items reconciled.

This is not essential, as the package will now carry over unlimited unreconciled items which can be reconciled later.


Step 1

Adjust the Start and End dates of the next Accounting period

The dates of the next accounting period are calculated automatically but you may change these if necessary, you can also truncate or extend your practice accounting year as you wish.


Step 2

To pay-in any outstanding Direct Debits/Credits

This screen allows you to pay-in direct debits and credits outstanding for any period you specify in the boxes. Unless the items have been marked as “Confirm” they will be automatically paid into the cashbook.  Items marked “for confirmation are not paid in directly but are held back until they have been checked and altered if required.


Step 3a

Current Year Reconciliation.

The package allows you to carry forward a record of any unreconciled cashbook items. These can be reconciled at a later date when the bank statement becomes available.

Some accounts e.g. Petty Cash may not need bank reconciliation and in this case you may choose to automatically reconcile all the items.


Step 3b

Previous Year Reconciliation.

The package allows you to carry forward a record of any unreconciled cashbook items. Occasionally you may be unable to reconcile items from the previous year i.e. the current year’s previous year. These are usually unpresented cheques which can normally be written off. The package will offer to automatically correct the Cashbook by generating balancing Contra entries for these items. It may be wise to discuss this feature with your CA first.


Step 4

Print End of Year Reports.

The print screen allows you to choose a variety of print options.

The printouts selected will be printed in a single batch. You may also select to print any of the other Cashbook reports at this stage.


Step 5

Take a Backup of the Current Accounting period.

It is always wise to do this.


Step 6

Send an Export Disc to your Accountant.

This is a convenient point to create an Export disc for your CA if required.


Step 7

Transfer the files and reset the Cashbook.

This is an automatic process.


Step 8

Check the Direct Debits and Credits Setup

When starting the new accounting period it is worth checking your Direct debits and credits to make sure that they are still being applied for the correct periods and months.

This completes the process


When you go back into the Cashbook you will see that any data that was entered in the Extra months has been retained but is now at the start of the new accounting period.

The opening balance of the new financial year will be pulled directly from the closing balance of the previous year. If you are not happy with the opening balance of the new year you will need to restore a backup to before the year end procedure has been processed and make the appropriate alterations.

If you select Cashbook – Prev Year from the main menu you will be able to read your previous year’s data.

This is in read-only form – you can look but not alter your previous year’s totals, main-code, sub-code and doctor totals are also stored in archive form and can be analysed via the Analysis reports.

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