Finalising Accounts for Year-End

To help your organisation process year end, throughout September, October, and November, the following processes can be completed.

  1. Run and review the EFA Budget Forecast and EFA Benchmarking Return reports.

  2. Post accruals, prepayments, or deferred income.

    If you're not sure what which thresholds apply for accruals, prepayments, or deferred income, contact your organisation's accountant.

  3. To finalise any VAT claims for the previous year, run a Ledger List for the VAT ledger, then: 
    • Make sure the Nominal, Value, and User Value column are displayed
    • Check the total amount being claimed in Details match the amount on the VAT report
    • Move any transactions in periods being closed to the next available VAT period or remove them
  4. Make sure all transactions for the previous year have been posted.
  5. Complete the year-end processes.
  6. Run all required reports for your accountants and auditors.
  7. Enter any required adjustments to existing transactions.
  8. To close the previous accounting year, set the Access level for all periods to 9 when accounts have been approved by your auditors.