Do I need to Process an End-of-Year in SIMS?
SIMS does not require an end of year procedures to be run.
However, SIMS controls users to only allow posting of transactions, such as sales invoices, cash sales, adjustments and purchases, within a range of dates referred to as the Posting Period. It is required that you update the posting period dates to enable transactions to be posted with the dates of the new year.
The facility to change the posting period requires access to the ADMIN menu within SIMS wherein the Posting Period option is available in this menu. Access to the Admin menu may be restricted from a security point of view and you will require access to be able to utilise this function. You can open access using the standard Secure Functions controls.
To modify the Posting Periods, go to Admin > Posting Period menu option which will present the dialogue box alongside. All you need to do is to enter the required posting period as per your preferred controls and procedures and click on Save.
If the current posting period is set from 01/12/2024 to 31/12/2024, for example, and this is not changed by 31 December 2024, you or your users will risk processing transactions in 2025 with the dates of 2024.
For users who have an interface with SFM, it is not required to run the end of year in SFM to open up posting for the new year in SIMS. However, all accounting transactions exported to SFM will remain in the SFM gateway until the end-of-year process in SFM is undertaken successfully.
We strongly recommend that you run the end of year in SFM immediately. See Running an End-of-Year in SFM.
For users of SIMS with an interface to SFM, if the end-of-year procedure has been processed on SFM, when transactions are back-posted in SIMS, these transactions will appear in SFM's Previous Year and will need to be imported in SFM from the Previous Year. This is done from Previous Year > Utilities > Import Function.
Back-posting in SIMS is not recommended because of the impact this will have on valuations up to a given date.
Related Articles
How do I process an End Of Year in SFM?
Overview SFM allows posting into two financial years simultaneously. This means that users do not need to finalise 2024 before starting to post entries into 2025. The end of year procedure will move the “Current Year” data into the "Previous Year". ...How do I update the opening balances after posting in the previous year?
After the end of year run, SFM provides the option to authorised users to keep on posting into the Previous Year for the next 12 months. When users post in the previous year, SFM will trap this and makes available a function, 'Update Opening ...How do I finalise the previous year?
Overview SFM allows posting into two financial years simultaneously. This means that users have the option to finalise the previous year (during the current year) and at the same time keep on posting in current year. The Finalise Previous Year ...How do I process the Assets End of Year through SFM?
In SFM, if the Assets module is enabled, you must complete the Assets end-of-year process before running the SFM end-of-year process. Running the Assets End of Year Navigate to: Previous Year > Assets > Assets End Of Year The system will then present ...How do I close the Posting Periods in SFM?
There are two sets of posting periods in SFM: - Current Year > Utilities > Posting Dates - Previous Year > Utilities > Posting Dates The system will allow posting from the ledgers within the set date ranges from the posting dates options of the ...
Recent Articles
Generating the INTRASTAT Report
To generate the INTRASTAT report, follow the steps below: Install the Shireburn Franchises Module Navigate to the Installer Path \\amber\webshare\Installers\Shireburn\Franchises\ShireburnFranchises1.3.0.exe Run the Installer without enabling any ...Sending Remittances in Bulk using e-Reports
To send outstanding remittance advices in bulk, follow these steps: Navigate to the Remittance Advices Section Go to: - Current Year > Sepa > Sepa Maintenance - Sepa Tab (on top) - Highlight Sepa - Print > Remittance Open the e-Reports Module In the ...How to Reverse a Sales/Purchases Transaction in SFM
Reversing Entries in SFM Once users confirm an entry in SFM, they cannot modify any of its elements. The only available option is to reverse the entire transaction and re-post it with the correct values. The system supports both simple reversals and ...Setting Up BOV SEPA v9
Before proceeding, please ensure you are using the latest version of SFM. Starting October 5th, 2025, Bank of Valletta (BOV) will begin processing live transactions using the new SEPA file format (version 9). The older version 3 format will no longer ...How do I process a Nominal Reconciliation?
Procedure for Reconciling a Nominal Account (Current Year > Nominal > Nominal Reconciliation) Account Field: Select the relevant Nominal Account from the drop-down menu that you wish to reconcile. Details Field: Enter any necessary free text in the ...
Popular Articles
How do I process an End Of Year in SFM?
Overview SFM allows posting into two financial years simultaneously. This means that users do not need to finalise 2024 before starting to post entries into 2025. The end of year procedure will move the “Current Year” data into the "Previous Year". ...Do I need to Process an End-of-Year in SIMS?
SIMS does not require an end of year procedures to be run. However, SIMS controls users to only allow posting of transactions, such as sales invoices, cash sales, adjustments and purchases, within a range of dates referred to as the Posting Period. ...How to reset your Shireburn remote desktop service (RDS) account password
The password for the Shireburn RDS Account used to connect to RDS server is set to expire after 90 days. A notification is provided to the user daily starting 5 days prior to the expiry date. In order to change password, the following steps need to ...How to setup a System Control Account in SFM? (Bank Account, Cash Account, Stock Control, etc...)
Create the Account in your Chart of Accounts as seen below. Please make sure you use the code depending on your Heading and Sub-Heading digits. After creating the account, you need to specify the account as a System Control Account. Go to Support > ...SIMS - User Manual
The attached PDF includes the necessary functions and features of SIMS to get you started. SIMS User Manual.pdf