End of Financial Year process

Owned by Julie Hanlon
Jun 30, 2022
1 min read

Question

 What should I do at the end of financial year?

  

Answer

There is no particular functions you should be running on 30 June that you would not do at the end of any other month.

The only exception to that is that we recommend you run off a Stock on Hand report and / or Stock on Hand with Allocations report on 30 June. 

Put this report aside in a safe place in case your accountants want to see it in the coming months, to verify your Balance Sheet.



To see our recommendations on monthly reports, use this link:  What reports should I check at the end of each month?



To make sure you can keep running tomorrow, 1 July, you should have rolled over your previous financial year.  Jiwa can keep operating in 2 years: Current Year and Next Year.

So if today is 30 June 2022, then your Current Year should be 1 July 2021 to 30 June 2022, and Next Year defined as 1 July 2022 to 31 June 2023.

To check the last year that has been rolled, go to General Ledger > Configuration > Setup.

See this link for how to rollover a financial year: Roll-Over#Over-YearlyRoll-Over

You can rollover at any time after your accountants have finished your financial reports, eg, rollover FY 2021-2022 in September 2022.