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The
Year End procedures are basically the same as the Month
End procedures. There are just a couple of steps you
need to do in the General Ledger before you can run
the Month End of the final month of your financial year.
Go
to GENERAL LEDGER ADMINISTRATION, CLOSE PREVIOUS YEAR.
This procedure will close the General Ledger of the
previous financial year. Once it is closed, you will
not be able to process Journals to it anymore, so ensure
that all the Journals you want to process are processed
beforehand.
Go
to GENERAL LEDGER ADMINISTRATION, OPEN NEW GL YEAR.
This procedure will create the next year General Ledger.
It will print a report of the Balance Sheet balances
that were copied to the next year. These balances will
be updated automatically as you continue processing
transactions in the current year General Ledger.
Now
you can do your Month End as normal. The Month End of
month 12 also doubles as a Year End for the module,
except in the case of Payroll. Payroll has its own Year
End that you have to run once you have rolled the last
Payroll Month. It is critical that you do the Payroll
Year End before you update any Pay Slips in the next
year. The Payroll Year End will include all updated
Pay Slips since the previous Year End Update.
The
Payroll Month End has to be run according to the Income
Tax year. If your company's financial year does not
correspond to the Income Tax year, you will not run
the Payroll Year End on the same date as the other modules.
You will do it when you have rolled the Payroll Month
End in the last month of the Income Tax year. Before
you can process Pay Slips in the following year, you
will have to update the Tax Tables in Ezy using PAYROLL
ADMINISTRATION, TAX TABLE MAINTENANCE with the new taxes
proclaimed by government.
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