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)