Accounts 2010What to do for a Financial year end

And When to do it

This is a run-through of the stages needed to take you from one financial year to the next

It assumes we are preparing Income & Expenditure Accounts

It assumes this is the end of your first financial year using Accounts 2010

Let’s call the year ending 31 March Year 1, the Year starting 1 April will be Year 2 (and the year preceding would have been Year 0)

Introduction

Further info and examples of all the stages are included in the Online Help

Update the Accounts 2010 application Make sure you have the latest version of the

program Download and install if you don’t have it yet

(guidance on the website)

When: February or March

Make sure that Year 0 end-of-year data has also been entered into the system

This is needed to show ‘last year’ columns in the Year 1 accounts, because Year 0 was not done on this system

To enter details, go to Setup and select Restate Last Year◦ The minimum you will need is: Funds, Cash at Bank and VAT.

Also enter any Debtors or Creditors at that year end.◦ For I&E Annual Return purposes you must also enter the total

Balance C/Fd◦ Remember that if a VAT refund was due, the VAT recoverable

will be positive here (but negative in the VAT balance c/fd)

When: February or March

Create Year 2 Login to Year 1 as normal, go to Setup and

select Financial Years Select New and add a description, and start

and finish dates Remember that this will in future appear at the top of the

list of years at login, so be careful what you log in to in future

When: February or March

Copy the basic structure to the next year Login to Year 2 Go to Setup and select Copy from Previous Year Select any or all of the items you wish to continue

the same next year (suppliers, codes etc) Amend any of the details to reflect your next year activity If budgets are much the same year on year, it is easiest to

copy all codes then amend the ones which have changed. To edit code details including budgets go to Setup and select Cost Codes

Definitely copy VAT Rates

When: February or March

Carry out a final year-end Bank Reconciliation

Obtain if you can a 31 March statement from the bank

Login to Year 1 Go to Bank and select Reconcile

If everything successfully reconciles, print off the reconciliation report for each bank account

If you have successfully reconciled all bank accounts, run Reconcile All Banks*

When: 31st March

*You must present a 31 March reconciliation. If you check each bank account at the exact end of year you can obtain this consolidated report automatically at a later date. (Less work later!)

Start using Year 2 From now on Login to Year 2 for all new

transactions You do not have to wait for Year 1 accounts

to be completed before starting Year 2

When: April

BUT do not enter Year 2 transactions until you have run the Year 1 Reconcile All Banks, if you want a consolidated report which can be presented without alteration

Complete your VAT return for the period ending 31 March

Login to Year 1 Run the usual VAT reports and confirm the

end of year VAT balance Make sure that your balance, your Balance

Sheet and your HMRC claim all state the same figure!

When: April

Bring forward your Bank and VAT Balances

Login to Year 2 Go to Setup and select C/fd Bank/VAT

Balances Bring forward both (if you later find an error in Year 1

you can repeat this) From now on use Year 2 for bank reconciliation

(even for checking off transactions created in Year 1)

When: April

Produce all your End of Year Accounts Login to Year 1and go to Year End Enter any conversion data needed

(Adjustments etc) Select Calculate Run the Year End Reports (I&E Account,

Working Document, Balance Sheet) Fix any problem, calculate and run the

reports again

When: April – June (depending on your submission/publication timetable)

Produce your Annual Return Login to Year 1and go to Year End If you have successfully completed the

Accounts so that everything balances, you can now produce the Annual Return

When: April – June (depending on your submission/publication timetable)

Close the Year 1 Accounts Login to Year 1and go to Year End Select Close accounts

Close Accounts locks down Year 1 to prevent further amendment and also posts Year 1 data into Year 2 ready for Balance Sheet calculations at the end of Year 2

Don’t Close the Accounts until any Audit is complete and accounts signed off by External Auditor

When: After Annual Return Approved by External Auditor

Check I&E Account and Balance Sheet for the current year whenever you wish

Login to Year 2 and go to Year End You can produce trial ‘year-end’ accounts

for Year 2 at any time, after the Year 1 accounts have been closed and data transferred

When: After Accounts Closed

Remember in every year you must Close the previous year’s accounts before you can run any current year-end reports

Backup your Data Login and go to Utilities:Security and select

Backup Backup the database to removable media

which you can store safely

Check the User Website Look out for News and for Further Program

Updates

When: Regularly