End Of Year
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 ...End of Year - A Case Study
First Year of Operation - Nominal Ledger Current Year (January 2019 – December 2019) Previous Year (non existing) Archive (non existing) Opening Balance in the Retained Earnings account in the Current Year 2018 is (175,068.22) Second Year of ...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". ...Allocating unallocated entries before running the End Of Year
After running the end of year in SFM, all outstanding entries including unallocated entries are brought forward to the new financial year. To minimise the number of these outstanding entries we suggest that one goes through all the entities that have ...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 ...
Recent Articles
How to Grant & Modify Permissions on SIMS
Finding a User Account's Assigned Permission Group Go to Admin > User Accounts to identify which group the User account is assigned to. In the example below, we're selecting the user 'Shireburn' which is assigned to Group 'ADMIN'. Checking a Group's ...How to Grant & Modify Permissions on SFM
Finding a User Account's Assigned Permission Group Go to Administration > User Accounts to identify which group is the User account assigned to. When Users Form opens, select the user in the list and check their entry under the Group column. In the ...How to run a data validation on SFM
The SFM Data Validity utility ensures that all transactions posted were posted correctly and that the Trial Balances entries match perfectly. To run a data validation on SFM, follow these steps: - Select the Year: Choose either "Current Year" or ...SIMS Search Functionality
Accessing the Search function in any SIMS Grid Navigate to any Grid (we are going to use Support > Stock Cards as an example). To enable the search function, press any letter key on your keyboard. The search function will appear between the toolbar ...How to Export or Import Entity Details in SFM
In this article, you will learn about exporting and importing entity details into SFM. The process is the same for both client entities and supplier entities. Remember to access Current Year > Sales > Client Maintenance for clients, and Current Year ...