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Year End Closing (Apps 10)

  • 2 February 2022
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We went live in with APPS 10 in Sept 2021 and our year end if 31st Dec.

We want to close 2021 and transfer balances to 2022, We have followed the process to do preliminary Year end, clear cost/revenue, followed another Preliminary year end.

 

Question 1

We can see that the balance are transferred to  2022, when we run GL Bal analysis, but when we go in GL Voucher row analysis we cannot see the opening balances, we were informed that is due to the fact we have not done Final Year end Process.  How can we view opening balances in GL voucher row analysis.

 

We tried to do the Final Year end, but we got error message , (please see below). 

 

Question 2

If we do final year end can we re-open the year again and post the final tax journals.

As there was no opening balance 2021, we cannot understand the message below.


Can you please help and advise.

 

 

Many Thanks

 

Swati

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Best answer by Adam Bereda 4 February 2022, 16:52

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5 replies

T
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Hi, 

Question 1 - Mostly true, but may need additional explanation  Typically the year end process does not create a voucher.  A small number of countries (I know) require a voucher to transfer the balances. Most countries do not mandate that create voucher process.   The year end process does have the ability to create the voucher it is an option.    The balances from a preliminary year end will be seen in period 0, but those are the result of a transfer not a voucher.   Typically I would only use the create voucher in final year end “if and only if” the local country mandates that process.  I did not check to see your country - so I don’t know if your country mandates the voucher process. 

Question 2) The final year end is typically done after the year is completed (done / all work done).  Because you already ran the preliminary year end, you will have balances in period 0.  Ideally your period 0 will be zero net balance.  If out of balance it is because you still have profit. 

You can re-open a final year end if needed.  Again, that’s usually done after all work is completed, so the need to re-open should be somewhat rare. 

The reason for the error message is - you have other years in IFS that have not been closed. Even if you have no data, the logic in IFS is that those years must be completed (final year end) before the next year can be closed.   You could delete the prior years, but honestly, it’s far easier to do the year end.   Assuming you have no records - its really fast, and you don’t need to run the clear rev / cost. Deleting the year is an option but we have so many objects connected to a year, it will take considerable effort to delete those connected attributes.  

Best regards, 

Thomas

A
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Hello,

Please check this thread as well:

 

To finally close accounting year, all previous year must be finally closed as well.

Regards, Adam
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Thank you Adam I will give this try on Monday and see if it work… we have previous years from 2017 set up but no data as only went live in Sept 21. All periods are closed. So do we need to do year ends on previous years?


Please advise

Thanks

Swati

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Lucky you :) In our environement (live in 2011) we had to create periods from 1971 for fixed assets depreciation calculation based on days…

4 or 5 year can be closed manually without need for script

Regards, Adam
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Hi Thomas

 

Thank you for your reply and I appreciate your detailed help and guidance on the year end.

 

I have check all period are closed but we had not ran final year end on previous periods so will attempt that and see if I can close them.

 

I will keep you posted I hope this resolve the problem and I hope it works.

 

Have a good wk end.

 

Thank you

 

swati

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