Year end

You must run the Year end process at the end of the financial year, to ensure that future transactions are flagged with the correct year number and to zero the year-to-date values in records. Specifically:

• All budget code balances will be set to zero.
• All supplier turnover figures (period and year to date) will be set to zero.
• All analysis code turnover figures (period and year to date) will be zet to zero.
• The following will be retained and moved into the new year:
  • All unreconciled transactions - these will be labelled as transactions of type URC.
  • All outstanding commitments (purchase orders).
  • All outstanding unpaid sales invoices.
  • Unposted batch transactions.
  • Unprocessed pending BACS payments.
  • Unprinted cheques.
  • Suppliers catalogue entries (new POs can only be posted in the new year).
• The carry forward figures on each of the financial summaries will become the opening balance figures for the new year.

Sales Invoicing VAT at year end

This is the equivalent of the Full function year end from the old app. Once the year end process has been completed, the data will be moved into a temporary Period 13. You can access this to post any outstanding transactions. It will then need to be closed manually. See also Switching the financial year and Making changes in previous years.

Before you start

You should complete the following preparatory tasks before you run the year end process:

• Ensure that all transactions for the year have been entered. Although you can post to P13 once the first stage of Year End is complete it is better to post in P12 if you can.
• Reconcile your bank accounts and funds.
• You may also want to check all reports and make any necessary corrections before running the year end.

Once the year end process has been completed the year end cannot be 'reversed'.

To run the year end

Note that you cannot run the year end while any other users are logged into Arbor Finance.

1. In period 12, the Period end menu item will change to Year end. Choose Run Year end from this option.
   The Year end window is displayed.
   
   
2. If you have completed the preparatory tasks above, click Next.
   
   
   
   

3. Arbor Finance checks for open orders in the system

   • If there are any open orders, these are summarised with the total outstanding commitments:
     
     
     
     Click Amend/Process to go to the Transactions area to process open orders for this year (see Amending and processing orders for instructions) then run Year end again.

4. Secondly, batch transactions are checked.
   • If there are any outstanding batch transactions, a message is displayed:
     
     
     
     

     Click View/Post batch to go to the Transactions area and post or delete any remaining batch transactions for this year (for instructions see View/Post batched transactions). Then run the year end again.

   • If there are no outstanding batch transactions for the current year, click Next.

5. Next, reconciliations are checked.
   • If there are any unreconciled transactions in the system, a message is displayed:
     
     
     
     

     Click Reconciliation to reconcile any transactions for all bank accounts and funds for this year (for instructions see Reconciling bank accounts). Then return to the Run Year End screen.

   • If all the banks and funds have been reconciled for this year, click Next.

6. Next you are prompted for a final confirmation.
   
   
   
   

   Check the Year end summary information. If you are happy to proceed, click Run Year end, and then Yes at the final confirmation prompt.
   (If you don't want to proceed with the year end, you can click Cancel.)

   If another user is logged on to Arbor Finance, a warning message is displayed and the name of that user will be listed.
   You will not be able to run a Year end until all of the users listed have logged off using the Log out navigation button. If the user is locked, please see How to remove user lock.
   
   
   
   

   Click Refresh. When all other users are logged off, this button will be labelled Run Year end and you can click it as above.

7. While the year end process runs, the current task is indicated and progress is shown by a yellow bar.

   If a future budget allocation has been posted for the year you are moving into, and the account doesn't have automatic profiling set up, the year end process will stop and prompt you to profile the new allocation before it can continue.
   
   

   
   
   By default all budgets are profiled by 12 if you want to you can profile the selected budget account differently (for instructions see Budget allocations) and then click Save.
   If any other budget accounts are listed, select each in turn and repeat the profiling.
   When you've finished, click Next.
   
   If you leave the year end process waiting for budget profiling, Arbor Finance will not be usable until the profiling has been done and the year end completed.
   If another user with access rights to Year End logs on, they are presented with a warning screen and prompted to complete the profiling. If a user without that access logs on, they are shown a message to say they cannot use Arbor Finance because a year end is in progress.
   
   

8. When the year end is finished, the screen is refreshed to indicate the new year.
   
   
   
   Click OK to finish.

Closing a financial year

Before closing the year completely make sure you have run your final CFR and there are no more transactions to be posted in the previous year.

Once the year end process has been completed, the year will remain "open" to enable checks and certain transactions to be posted in P13. See Switching the financial year for details of this process. When you are ready to "close" the financial year, you must switch to the year, and then use the Close year option under the Year end menu item. This option will only appear when you have switched to a past financial year which is still "open".

A confirmation popup will appear. Confirm this to complete the action.

Closing will prevent further changes to the year and cannot be reversed and you will no longer be able to run the CFR report. The data for the year can still be viewed, either in Enquiries / Audit logs or by switching to the year.