{"id":2165,"date":"2020-04-28T12:56:13","date_gmt":"2020-04-28T11:56:13","guid":{"rendered":"https:\/\/support.ospreyapproach.com\/?post_type=pracctice_guide&p=2165"},"modified":"2024-05-09T09:27:46","modified_gmt":"2024-05-09T08:27:46","slug":"run-a-year-end","status":"publish","type":"pracctice_guide","link":"https:\/\/ospreyapproach2022.wireddemo.co.uk\/support\/guides\/run-a-year-end\/","title":{"rendered":"Run a Year End"},"content":{"rendered":"
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Who is this guide for?<\/strong><\/p>\n

<\/i> Accounts Supervisors<\/strong><\/p> \n<\/div>\n\n\n\n

This guide will assist you with running your accounting Year End<\/h2>\n\n\n\n

Check or Change your Year End date<\/p>\n\n\n\n

To check the current period set, or make any changes, navigate to the \u2018Supervisor\u2019 tab and select \u2018Financial Periods\u2019. Now on the right-hand side of the screen select \u2018Edit Current Period Set\u2019.<\/p>\n\n\n

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This will now show the list of 13 available month end dates and, at the top, the year start date. The ticks represent your VAT quarter ends, and determine whether Osprey will produce a VAT form report. <\/p>\n\n\n\n

Should you need to change your year end, highlight and delete and period end dates after your new year end date.<\/p>\n\n\n\n

In the example below, if our new year end is changed to 30th April, we would delete periods 7 to 12. Similarly, it is possible to extend the year one extra month to period 13. If more than this is required, you should run a normal 12 month year and then a short year following.<\/p>\n\n\n\n

The limit of 13 months is due to the reports for period end fitting on the pages. To extend the year into period 13 just enter the new month end date in the period 13 box. In the example below, we would enter 30\/11\/2017.<\/p>\n\n\n

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Before selecting \u2018Save\u2019, ensure the ticks on the right hand side are against the correct VAT quarter end dates, and amend as necessary.<\/p>\n\n\n\n

Add Next Year’s Period Set<\/p>\n\n\n\n

If your final period checks have been run but there is no close period button or close year button, accompanied by a message stating Next year periods have not been set up<\/span>, this means that your next year dates have not yet been added. <\/p>\n\n\n

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Click Add Period Set.<\/p>\n\n\n\n

Ensure that the Year Start is correct for your new year, and then click the Initialise Standard Period Set button. Check the dates are correct, and that your VAT quarter ticks are in the correct periods, and then click Save: <\/p>\n\n\n

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The Year End button should now appear. If any other red messages appear, click the headings to the right to resolve.<\/p>\n\n\n\n

E.g.<\/p>\n\n\n

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Post Outstanding Scheduled Postings<\/p>\n\n\n\n

If there are outstanding postings scheduled for this period, select \u2018Nominal Ledgers\u2019 from the left hand menu. Select \u2018Nominals\u2019, and then \u2018Scheduled Postings\u2019 followed by \u2018Pending items\u2019.<\/p>\n\n\n

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Any scheduled postings that are still pending will be displayed. Select \u2018To Period End\u2019 from the \u2018show postings\u2019 drop-down list. If the postings listed are no longer applicable, select the \u2018Delete\u2019 option at the end of each item.<\/p>\n\n\n

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Select \u2018Post\u2019 against each relevant posting and then complete the post screen as required, clicking the \u2018Post\u2019 icon once finished. <\/p>\n\n\n\n

Tick deferred bills<\/p>\n\n\n\n

If there are deferred bills awaiting ticking select \u2018Time Recording\u2019 from the left hand menu, followed by \u2018Tick Billed Time\u2019.<\/p>\n\n\n

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A list of bills awaiting time ticking will be displayed. <\/p>\n\n\n\n

Select the \u2018Tick\u2019 icon against each item to be processed. If no time is recorded for that matter, select the \u2018Remove\u2019 icon. When the allocate WIP to bill screen is displayed select the method most appropriate to allocate the time recorded to the bill.<\/p>\n\n\n

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