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 2023 before starting to post entries into 2024. 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
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Setting up Inter-company Accounts makes it easy to automatically update journal entries in multiple companies, helping you increase your efficiency. Step 1: Creating an Intercompany Account Log in on one of the companies required for the multiple ...