New financial year

This instruction is based on iScala 3.5.

Opening new financial year contains following steps:

1. Registering new financial year in company parameters and creating new year tables

Open iScala Administration Console and go to company database parameters (Companies > SIA ABC > right-click > Properties). Then select Years and with Add button attach another financial year, you can limit accounting period if necessary.

2. Copying parameters and automatic accounting schedules

You need to copy parameters to the newly created financial year and copy automatic accounting schedules by logging on exclusively and launching System Utilities > Business data management > Copy company parameters

To financial year: 22
From company: your company code (01)
From financial year: 21
Copy parameters: Yes, then *, Enter and Yes
Copy AAS: Yes, then select module and Enter

NB! Repeat last operation for every module.

3. Setup new financial year parameters

After you created new data files it is necessary to login to new year and check/update following parameters:

  • General Ledger: transactions and journals counters should be reset, i.e. change “105323” to “110001”. Also make sure that you changed book-entry periods.
  • Sales Ledger: transactions and journals counters.
  • Purchase Ledger: transactions and journals counters.
  • Stock Control: transaction counters (not batch numbers!).

4. Transfer result to new financial year

This procedure includes following steps:

  1. Copying chart of accounts and additional dimensions (cost centers, products, projects etc.)
  2. Closing balances for balance accounts (type B) are transferred as new year opening balances.
  3. The same transferring is processed for statistical accounts (type Z), that have Transfer Opening Balance parameter set.
  4. Profit/loss accounts (type P) total amount is transferred to the prompted account (last year result).
  5. Budget and last year monthly results for analysis are copied depending on parameters set on launching procedure.

To launch result transferring, you need to logon to previous financial year exclusively and run General Ledger > Miscellaneous > Transfer Balances to next financial year.

5. Statistics transfer (zeroing)

To start new year operation properly, you need to zero statistics counters for products, customers and suppliers by launching:

  1. Sales Ledger > Miscellaneous > Special functions > Zero Statistics: Yes, Yes, Yes
  2. Purchase Ledger >Miscellaneous > Special functions > Zero Statistics: Yes, Yes, Yes
  3. Stock Control > Miscellaneous > Special functions > Zero Statistics: Yes, Yes, Yes, Yes. You can leave No on question about stocktaking difference if you\\’ll need this data later.

These functions are required to run before starting new year operations to prevent data inaccuracy. However, you can recreate product statistics data later if needed.

6. Preparing Asset Management module

Before calculating depreciation for the first period in new year, you need to merge last year depreciation amounts with accumulated amounts. To process, login to last year and run Asset Management > Business Operations > Update Yearly Values (password YRKILL).

7. Preparing Payroll module

To zero periodic accumulators before first payroll calculation run Payroll> Miscellaneous > Special functions > Zero accumulators (password ACCKILL).

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