Roll-Over

Owned by Julie Hanlon
Last updated: Sept 08, 2020
4 min read

Period Roll-Over

The period roll-over process ages balances by one period, depending on the rollover type(s) selected for processing. Period roll-over is performed after the close of the period and ages the balances based on the date of the transactions being aged - e.g. sales orders, purchase invoices etc.

Debtors’ statements must be printed before running Period Roll-Over.

To ‘age’ a transaction in Jiwa means that, if fully allocated, it will no longer display on the debtor’s or creditor’s Transactions tab.  This saves time in loading the form as only current or open transactions are displayed.  To display transactions that have been aged-out, tick the ‘Show aged transactions’ tab at the bottom of the screen.

Transactions that are fully allocated and aged-out can be unallocated if your Jiwa version is Service Release 11 of 7.00.175 or Service Release 2 of 7.02.01.

Jiwa recommends ticking ‘Only Recalculate Balances’ for your first 3 to 6 months of trading, so that you can easily make adjustments and corrections.

‘Only Recalculate Balances’ updates the period totals and period against each transaction, but does not age-out any transactions.

Tick ‘Don’t Age Transactions’ against debtors or creditors to NOT age transactions for either all debtors or all creditors (or both).

Only debtor or creditor types highlighted in blue will be processed by period rollover. E.g. 

 

Steps:

  1. System Settings > Roll-Over > Period Roll-Over.

  2. Period Rollover Date is the first day of the new month.

  3. Tick ‘Only Recalculate Balances’ to update period totals but not age-out allocated transactions.

  4. Tick ‘Don’t Age Transactions’ if you don't want to age either category.

  5. Use the standard Windows selection keys for period type selection and click Process.

If you select the debtor period type ‘Custom’ you will see this message: “Warnings: 90 Days have NOT passed since the last Debtor Custom period rollover”. 

Don't age a particular debtor

To run a normal period rollover with ageing but exclude a specific debtor, or a specific creditor, tick the 'Don't age transactions' on that particular debtor's/creditor's Financials > General tab.

Yearly Roll-Over

The system allows postings to the General Ledger for a two year period before requiring a roll-over. These years are referred to as Current Year and Next Year. By rolling the General Ledger the following occurs:

  • Moves Current Year transactions and budgets into Last Year and budgets

  • Moves Next Year transactions and budgets into Current Year transactions and budgets

  • Posts Profit (Loss) into retained earnings account

  • Closes Last Year i.e. postings can no longer be made to that year

Jiwa requires that the year be set up before postings can be made to that year. 

The steps to rolling over your financial year in the general ledger are as follows:

  1. Ensure you have finished posting all journals for the current financial year, including any accruals or adjustments required by your Accountant.  Jiwa recommends waiting until you have received your tax assessment from the Tax Office.

  2. Print your financial reports for the year - Trial Balance, Profit & Loss, Balance Sheet.

  3. Set up your general ledger configuration for the following year: General Ledger Configuration.

  4. Take a back up of your database.

  5. Roll-over. 

    1. For Jiwa version 7.0.175 and earlier

      1. Make sure all users are logged out of Jiwa (in version 7.0.175 and prior it is necessary that other users be logged out of the system to perform yearly roll-over): 

      2. Open the Yearly Roll-Over form in the System Settings menu

      3. Click Roll-Over Application, Click Roll-Over General Ledger

      4. Click Clear Budgets if required

      5. Click Process




    2. For Jiwa version 07.01.00 and later.

      1. Make sure all users are logged out of Jiwa (in version 7.0.1.0 and later it is not necessary that other users be logged out of the system to perform yearly roll-over but it is highly recommended)

      2. Open the Yearly Roll-Over form in the System Settings menu

      3. Click Process

       




  6. Confirm your rollover by reviewing the General Ledger Setup and run your Trial Balance, Profit & Loss and Balance Sheet reports.