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End of year process step by step

When performing the end of year process Nominal goes through the following steps:

End of year process:
  • Check that a ‘year to end’ was selected
  • Check that end of year process was not already done for the selected year
  • Check that previous year account exists
  • Adjust previous year earnings account balance by current year earnings
  • (Income –expense – cost of sale for the current year, same as in the balance sheet report)
  • Adjust income, expense and cost of sales account balances to zero at beginning of year
  • (For each account set the account Balance to zero at the beginning of year, by setting it to current balance – start year balance)
  • Delete previous year transactions, invoices, purchases, payslips, timesheets and registry
  • (delete all closed records from the previous year, including all invoices, purchases, bank register, ledger, pay cycles, pay slips, timesheets)

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