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Financial Year End
04-10-2014, 12:18 AM,
#1
Financial Year End
Hi all, we are looking hard at webERP and everything looks good except we can't figure out the process for closing out a Financial Year. There is the feature to choose what month but we can't find anything else.

Two questions:

1: What is the process for closing out a financial year?

2: Can a specific date be chosen to close out the financial year?

Thanks in advance and if I missed this somewhere in the manual or the forum I apologize.

Thank you,

Paul
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04-10-2014, 01:21 AM,
#2
RE: Financial Year End
Paul,
I am not an expert but there also is a parameter "Prohibit GL Journals to Periods Prior To" in the System Parameters page under setup that you can set to prevent anybody posting back into the previous year.
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04-12-2014, 08:26 AM,
#3
RE: Financial Year End
Paul
There is no year end or month end process - all periods forward and back are available until you change the config parameter Andrew pointed to above.
You can report on any range of periods. The retained earnings figure is recalculated dynamically in the brought forward figure of the retained earnings account.
You can define your year end month for ease of period selection on GL reports.
Phil Daintree
webERP Admin
Logic Works Ltd
http://www.logicworks.co.nz
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