This document will guide you understand the procedures required to successfully perform a Year-End in COINS.

COINS allows two consecutive financial years, at a total of 24 or 26* periods to be open and available for posting at a time. Any financial years prior to these two years are available for reporting purposes only. When the Year-End procedure is run, the older of the two current years on the system is closed.

The financial year is denoted in COINS by the calendar name of the year in which the financial year ends – e.g. the financial year running from July 2021 – June 2022 is denoted as 2022.

*Based on a 13-period year.

2 Year-End Checklist

You may find it helpful to use the following checklist to ensure that you complete the necessary steps to complete the Year-End.

Before you run the Year-End routine, you should create the periods for the newly available financial year. To maintain the consistency of your financial reporting, it is best to create all periods for the year at once.

To create all periods for the year at the same time:

3. Enter the number of periods you want to create. The maximum you can create is 13 or 18 periods (depending on how COINS is configured).

4. Enter the First Financial Date; this is the end date of the first period. If this date is the last day of the month, the end date of all other periods will be the last day of the month; otherwise, the end date of the other periods will be the equivalent date in the month.

5. Click . COINS generates period records for the number of periods you specified.

To add individual period records:

3. Select the companies for which you want to add the new period.

4. Select Maintain Periods from the action menu and click Apply Action.

5. On the Maintain Periods screen, select the Period to add from the drop-down list, enter the period end date (in the Financial Date field), and click Next.

This can be done either on the financial periods table, which shows if there are any outstanding batches, and/or the Batch Status Report, which lists any such batches in detail.

Checking whether unposted batches exist

You can report on unposted batches in any of the ledgers by running the batch status report.

Navigate to General Ledger > Period Processing > Period Processing Reports > Batch Status Report or General Ledger > Period Processing > Period Processing Reports > Batch Status Report (Multi-Company).

Tick Show Unposted Batches Only and Print Details of Unposted Batches.

The report should return no results. If there are any unposted batches, these batches must be resolved in their respective ledgers before the Year-End process can continue.

The GL clearing account, found on the GL Configuration screen, is used to balance transactions with invalid account references. This account should be reconciled and cleared down during each End-of-Month process to avoid a long-winded reconciliation at the end of the financial year.

To identify the Clearing Account, navigate to General Ledger > Configuration > GL Configuration.

Run a GL Account Enquiry for this account to confirm any balance shown in the account.

You must ensure that the clearing account balance is zero for the year you are about to close.

If the balance is not zero, this should be resolved before the Year-End process can be completed.

If the Clearing Account on the Configuration screen is blank, this indicates that it is not in use. In this case, if a posting routine encounters a situation where it would otherwise make a Clearing Account posting, the batch posting will abort and will not be possible until the issue is resolved.

Before running the Year-End routine, you should ensure that all financial periods in the Current Year are closed. After the Year-End routine has been run, these periods will belong to the Previous Year and will only be available for reporting.

Navigate to General Ledger > Period Processing > Periods – All Modules – This Company.

Navigate to General Ledger > Period Processing > Periods – All Modules – Multi Company

There are two tabs :

• Period View allows you to see and update all your valid companies at the same time. You can add, update, and delete GL periods and open or close modules.

• Company View shows all the valid companies along with the current year and number of periods, and the financial end dates for the year selected in the body selector. There is also a flag to show whether there is any further information in the body detail.

To close financial periods in all ledgers for several companies:

Select Set All Ledgers Closed from the action menu and click Apply Action.

It is common that at the end of a given financial year, that year remains available for the entry of late journals and then audit adjustments, etc, so it is normal that these items can still be entered into the Current Year if desired, while the mainstream entries are going into the Next Year. At a given point when no further adjustments are assured, commonly halfway through the following financial year, the Year End process can be run. This moves the whole set of available periods forward by one year (so the periods that were in the Current Year then belong to the Previous Year, and the periods that were in the Next Year then belong to the Current Year).

For example, where the Current Year is 2022 and the Next Year is 2023, at around period 6 of the Next Year the process would be run and the periods potentially available for input would now be Current Year 2023 and Next Year 2024. The terminology is not normally important to end users as the period/year display on the screen would continue to show 0622-31/12/22 throughout.

GL Year End does not delete any information. You have the option to carry budgets over to the new Current Year.

Required Conditions

Before this year end process can be run the following steps must be completed. This is because what is the Current Year will no longer be available for the entry of transactions once the Current Year and Next Year are moved forward, so all items in that year must be finalised.

These are:

• The periods for the new financial year must have be set up.

• The Clearing Account for the end period of that year must have a zero balance.

• All financial batches in all ledgers for that year must be posted (or cancelled).

• All module periods for the Current Year must be closed.

Once the process has been completed it cannot be reversed. Once you close a year (that is, move the periods on), you can no longer post to it; you can only report on it.

Navigate to General Ledger > Period Processing > Year End – Multi Company.

You can select the companies for which the year-end is to be run; COINS will submit separate year-end runs for each company.

If any of the required conditions is not met, the Status Msg column is ticked; this means you cannot run the year end for that company. To see which condition has not been met, click on the relevant line. You will need to take the appropriate action before you can run Year End.

5. Click Yes to confirm that you want to run the year end.

When complete, COINS displays a message to tell you how many companies have been successfully processed.

After you have run the Year-End routine, you can open the periods needed for processing.

3. Select Set All Ledgers Open from the action list at the bottom of the screen, and click Apply Action.

Alternatively in order to just open individual ledgers, click the button on the left of the period and select “Y” for open or “C” for current.

Navigate to General Ledger > Period Processing > Periods – All Modules – Multi-Company.

To close financial periods in all ledgers for several companies: