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SYBIZ Vision .NET & Classic End of Financial Year Procedure

AlphaBiz Solutions
1 August, 2017

SYBIZ VISION.NET PROCEDURE

1. Check reports and make sure they are in balance (These reports can be previewed to screen):

  • Complete all End of Year processing and reconciliations;
  • Reconciliation Report – All Ledgers should balance;
  • Trial Balance – MTD should balance and YTD should balance;
  • Customer Aged Balance listing detailed – Ensure that the total agrees to the Trade Debtors Control Account;
  • Supplier Aged Balance listing detailed – Ensure that the total agrees to the Trade Creditors Control Account;
  • Stock Quantity and Value report – Should be printed after a Stock Take;
  • Job Costing WIP Summary report must agree to the WIP Control Account.

2. When all reports balance print final End of Year reports (Print to hard copy, or PDF and keep):

  • Reconciliation report;
  • Trial Balance;
  • Profit and Loss statement;
  • Balance Sheet;
  • Customer Aged Balance list summary;
  • Customer Statements;
  • Supplier Aged Balance listing summary;
  • Inventory Gross Profit and Sales report;
  • Inventory Quantity and Value report;
  • Job Costing WIP Summary report.

3. Backup or Copy the database. Contact AlphaBiz Solutions or your IT to create a backup of your database.

4. Your system will automatically move into the new financial year on the 1st of July.

5. Create Journals for Job Costing and Inventory Opening Balance Control Accounts.

If you want the convenience and features of an all in one Smart ERP system then call our office today on 08 9277 2226 to find out how you can upgrade your Sybiz Vision Classic to Vision.NET.

SYBIZ CLASSIC PROCEDURE

1. Check reports and make sure they are in balance (These reports can be previewed to screen):

  • Complete all End of Year processing and reconciliations;
  • Reconciliation Report – All Ledgers should balance;
  • Trial Balance – MTD should balance and YTD should balance;
  • Customer Aged Balance listing detailed – Ensure that the total agrees to the Trade Debtors Control Account;
  • Supplier Aged Balance listing detailed – Ensure that the total agrees to the Trade Creditors Control Account;
  • Stock Quantity and Value report – Should be printed after a Stock Take;
  • Job Costing WIP Summary report must agree to the WIP Control Account.

2. Once all reports balance, perform a complete System Rebuild (reindex), Recalc of GL balances, Recalc Customer Balances, Recalc Supplier Balances.

3. When all reports balance print final End of Year reports (Print to hard copy, or PDF and keep):

  • Reconciliation report;
  • Trial Balance;
  • Profit and Loss statement;
  • Balance Sheet;
  • Customer Aged Balance list summary;
  • Customer Statements;
  • Supplier Aged Balance listing summary;
  • Inventory Gross Profit and Sales report;
  • Inventory Quantity and Value report;
  • Job Costing WIP Summary report.

4. Backup or Copy the database.

To know the location of your database go to Edit > System Control file > Company tab at the bottom of the screen you will see the path of the data. Once you know the path of the database, open up Windows Explorer and take a copy of the database and paste it into the Home Folder and rename the folder as “Companyname2015-2016”. Eg Alphabiz2015-2016.

5. Now we will roll the database into the New Financial Year:

  • Rollover > Utilities > New Period Rollover > Click Yes.

6. Check Balances after Rollover:

  • Check General Ledger Trial Balance to ensure MTD is Zero and YTD is Zero for P&L accounts;
  • Check Customers to ensure that ageing has occurred;
  • Check Suppliers to ensure that ageing has occurred;
  • Check Stock items to ensure MTD and YTD figures have cleared (sales & quantity);
  • Check Job Summary Report to ensure MTD and YTD are Zero.

7. Create Journals for Job Costing and Inventory Opening Balance Control Accounts.