Preparing for Year-End in August
To help your organisation prepare for year-end, the following processes can be completed at the end of August.
Before completing any preparation for year-end during June, July, August, and September, month-end processes must be completed first.
- To identify orders, income, or debts that might not be received before the end of the financial year, start an accruals list.
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To record payments relating to activities for the new year, start a prepayments list.
If you're not sure whether to post prepayments in period 12 or 97, contact your organisation's accountant.
- Add the preliminary budget.
- Make sure all transactions have been posted.
- Run a final BACs and cheque payment run.
- For all bank accounts, reconcile bank statements up to the 31st August.
- To check all periods for the financial year are at zero, run a Ledger List for VAT ledger.
- Open the new financial year and accounting periods.
- Open the September VAT period.
- To review funds, run a Ledger List using the FUNDTYPE indices. Academies can also use the Statement of Financial Activities (SORP) report.
- To review fixed assets, capital expenditure and depreciation, run a Ledger List for the location's FIXEDAST ledger.