This routine helps you to automatically nil balance your trade accounts which will simplify your year end procedures. The system creates the transactions according to the rules you set up in the Year end account table. You can run this routine at any time of the year, but its main purpose is to help you speed up your year end procedures.
The system creates one transaction per account combination and currency, if you have an existing balance and you have defined the account combination in the Year end account table.
Note: The system will not include any control accounts in the update, even if you defined them in the Year end account table.
Note: If different summary id’s have been used, this could result in more than one transaction for the same account combination when running this routine. To avoid this, the changed summary id’s should be rebuilt.
Caution: The system does not nil balance the quantity, only the amounts.
There are three stages of creating year end transactions:
- In the Year end account table, you define which accounts you want to nil balance. You also define the contra account you want to balance it against. You can set up the table for nine different phases. You update one phase at a time, which gives you the possibility to update at different stages.
Example:
You want to balance the A1111 and C9999 accounts against C3333.You want to balance the C3333 account against D4444.
To receive this result, you need to define two different phases.
- You run a simulation of the year end transactions and print a control list to review them. If you are not satisfied with the result, you return to stage 1 (as described above) and change the setup in the Year end account table.
- When you are satisfied with the result you run the routine again, but without simulation. The system will create the transactions and update the General Ledger.
Note: The routine does not keep track of the phases that you have run within the accounting year. This means that you can run one phase several times. It is up to you to decide which phases you want to run.
Note: Only one user at a time can run this routine.
Enquiries and printouts
- G/L transaction enquiry – view automatically created year end transactions.
- G/L year end transaction simulation control list – showing the balance for all the accounts that will be nil balanced and the account that will receive the balance.
- G/L year end transaction update list – showing the balance for all the accounts that have been nil balanced and the account that has received the balances.
- G/L update printouts.