What is the year end procedure in Time & Fees?
Article ID
ias-11921
Article Name
What is the year end procedure in Time & Fees?
Created Date
24th April 2015
Product
IRIS Time and Fees
Problem
What is the year end procedure when I get to the end of my financial year? For example, I am approaching my year end of December 31st. What do I need to do?
Resolution
Reconciliation takes place at regular intervals, typically once a month. This is to check that all the information has been entered into the Time and Fees ledgers, and that is has been entered correctly. The aim is to draw a line across the ledger and check all the figures. However, there is no formal year end procedure within the Time and Fees Ledger.
Below is an example of a year end process:
Reconcile your final period of the year.
It is recommended that you reconcile your final period of the year, in a similar way to your reconciliation process for your previous periods.
For more details on reconcilation see KB IAS-6002 : Reconciling in IRIS Time and IRIS Fees
Period Check
Before creating your periods for the next financial year it is recommended that you check that your periods dates are correct. For example, if your financial year starts in January it is recommended that your period 01 starts in 1st January.
To check your periods:
Log into IRIS Time.
Click on Periods | Current Periods.
Your periods will be displayed. Check the dates correspond to the correct period.
Related Articles
KB IAS-6002 : Reconciling in Time & Fees
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