This topic describes the role and operation of the End of year process option on the System Maintenance menu.
This program deletes Asset Records that have been transferred to another Asset Class or sold in the previous financial year. It removes details of asset splits which were performed in the year and zeros the YTD Depreciation and Additional Costs fields; and adds any Additional Costs to the Initial Cost. An End of Year daybook of deletions and amendments is produced.
If the company is set up using a divisionalised Nominal Ledger, it will require Inter-Divisional Journals to be run prior to the End of Year process. If these journals have not been processed, a warning message will be displayed when the user attempts to process AR year end.
As its name suggests, the End of year process option on the AR System Maintenance Menu should be run at the conclusion of each financial year. Part of its function is to clear from the Register those Asset Records that are no longer required. Specifically, to delete the following two types of Records:
The original Records of assets that were moved, using the Asset movement option, to another Asset Class in the financial year.
The Records of assets that were sold, using the Disposals option, in the financial year that is now ending.
Three other important functions performed by the End of year process are as follows:
To remove details of any asset splits which may have been performed at any stage in the financial year that is now ending.
To reset to zero the contents of the YTD Depreciation data field on tab two, three and four of each Asset Record, the Asset Valuation, Tax and Management pages.
To add any figure in the Additional Costs data field to the amount in the Initial Cost field, yielding an updated Initial Cost amount for the new financial year; the Additional Costs field is reset to zero. Both fields are located on the Asset Valuation page of the Record.
The End of year process option gives you the option of printing a preview report showing which Asset Records will be deleted when the program is actually run. On this report are flagged which assets were disposed of and which were transferred.
Note: Once you choose to proceed and run the actual program, you cannot halt its operation and the relevant Records will be cleared irrecoverably from the Register.
To update the Asset Register at the conclusion of the financial year, perform the following two steps:
From the Autoline Master menu, select the Asset Register option and the company you require.
Select the System maintenance option.
Select the End of Year Process option.
The End of Year Process form is displayed.
