Ensure you complete all outstanding Procurement invoicesAs a first step, all business teams and project teams in your organisation should clear the pending vendor invoices.Else, it is going to consume your next year Opex or Capex budget. In an unavoidable situation, you can arrange with your finance team to accrue that amount to pay them in the next financial year. If we close as many purchase orders as possible, the rollover will leave out these purchase orders.
Ensure you close the eligible projectsAs part of the year-end closing
Close the completed projects
Complete the procurement invoices
Complete the sales invoices
Complete the incoming and outgoing payments
Close all open commitments for a project.
Do transfer of costs from Asset Under Construction to the main asset.
Change the status of the projects to close
Ensure you complete all outstanding sales invoicesWe recommended ending the payment transaction customer for the unpaid invoices. But it depends upon the status of payments from customers.Ensure you close the eligible maintenance ordersWe recommend completing the maintenance orders to realise the Profit and loss account. Usually, the maintenance is an Opex budget, and it is relevant for the year. We do not carry forward to the next year.
Ensure you complete all Operation OrdersYou require this step if you are using OneBusiness Operation Orders. Before the year-end processing, it is essential to capture all the operational expenditure details. Try closing all current year’s operation orders for more accurate P/L figures for the current year.
Ensure you complete all outstanding Production OrdersYou require this step if you are using OneBusiness production planning. Before the year-end processing, it is essential to capture all the raw material consumption details. A production order confirmation will do just that. You need to confirm the inventory changes and calculate the inventory costs for raw material consumption and the products. Try closing all current year’s production orders for more accurate carry forward inventory figures for the next year.
Close the yearYou have to perform all year and process and ensure it is all correct.After that, you can go to OneBusiness ERP configuration and change the fiscal year to a new year.Archive the history dataThere is a legislative requirement regarding data retention and archival. There are some legislative requirements to keep the data for seven years.
You specify and define the years that you want to retain financial in.formation of the company in the OneBusiness ERP configuration. After you reach the specified number of years, you can run the archiving transaction to move the data to a different database. You can run the Archive transaction at any time on a trial mode too to check the archived data quality.