This process is almost identical to the Advance period option, with the added process that the profit and loss accounts will be cleared down and the total value of them posted to the revenue reserve account. Hence, the operation of the option will not be discussed in detail. The new year period-end dates will already be on file from the previous year-end process, but you are prompted to enter the following year's (that is, the year after next) period-end dates.
To advance the Nominal Ledger Year end:
From the Autoline Master Menu, select the Nominal Ledger option and the company you require.
The NOMINAL LEDGER Main Menu is displayed.
Select Period end options.
The NL PERIOD END MENU is displayed.
Select the Nominal ledger year-end option.
The Nominal Ledger - End Of [Period] Form is displayed.
Warning: Read the form very carefully. If you are in any doubt that you have not carried out all the operations that are listed, click Exit.
This form is displayed when you select the Nominal ledger year-end option from the NL PERIOD END MENU. It enables you to advance the Nominal Ledger Year End and also enables the clearing down of profit and loss accounts and the posting of their total value to the revenue reserve account.
Warning: Read the form very carefully. If you are in any doubt that you have not carried out all the operations that are listed, click Exit.
PUSH BUTTONS:
Help: Displays help on the current program in your default company browser
Exit: Returns you to the Nominal Ledger Period End menu
Proceed: This will produce the following:
A transaction listing from the Nominal Ledger transaction file in Cost centre and/or Expense code sequence as set in the Nominal Ledger period-end system parameters.
A Trial Balance in the format specified in the Nominal Ledger period-end system parameters
Finally, it will carry forward the ledger to the first period of the new financial year and clear the profit and loss accounts to the Revenue Reserve account set up in the system parameters, allocating a day-book number to the Brought Forward values.
If the Reserve account is one which is analysed by cost centre in the Balance Sheet, an opening balance will be generated for each relevant cost centre.
The system will also prompt for the entry of the year after next period end dates.