The year end process in Finance is the act of closing the current fiscal year and opening next year’s fiscal year.
After you have closed the current year, you will no longer be able to add, edit, or delete transactions for that year without reopening the prior fiscal year or restoring a backup from before you ran the year end utility.
For this reason, we have included a checklist of things you need to check prior to completing the year end process.
» Make sure you are on the most updated release of Shepherd's Staff. Feature packs released after a new version is introduced contain important security and feature updates that will help run your year-end process much more smoothly.
» Reconcile bank accounts. This step will help ensure that your records match the bank's.
» Verify all Payments, Receipts, and Journal Entries have been entered for the year. If any items are missing, they should turn up during the reconciliations.
» Print at least the following financial reports: Statement of Income & Expense (now divided between Income Statement and Treasurer's Report), Balance Sheet, and General Ledger. You may also want to print the Dedicated Account Reports (if applicable)
» Verify that the reports and account figures are correct. If they are not, make any necessary changes, and then reprint these reports.
» Repeat this process until your data is accurate.