Year End Process

OneBusiness Online Stores

Year End Process

Year-end Processes, also known as end-of-year actions, are accounting procedures performed at the end of the financial year. These year-end procedures will result in finalising the company’s profit and loss statements and balance sheet statements.

OneBusiness has the following functionality for year-end processes:

These steps will guide users to compete with the year-end process.

  1. P/L accounts balance carryforward
  2. Balance sheet G/L accounts items balance carryforward
  3. Vendor and customer balance carry forward
  4. Asset accounting items carry forward
  5. G/L to G/L transfer

OneBusiness will not allow you to do any transaction after the year has been closed. After financial year closure, no financial transactions can take place for the closed year.

You can generate a P/L report and Balance sheet report for the closed year.Users need to ensure all integrated scenarios are complete before the year-end process.

The financial postings can come from any cost object (Project, cost center, plant maintenance order, freight management order, Operations order and sales order.

To close the financial year:

  1. Ensure you complete all outstanding Procurement invoices

    As 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.

  2. Ensure you close the eligible projects

    As part of the year-end closing

    1. Close the completed projects
    2. Complete the procurement invoices
    3. Complete the sales invoices
    4. Complete the incoming and outgoing payments
    5. Close all open commitments for a project.
    6. Do transfer of costs from Asset Under Construction to the main asset.
    7. Change the status of the projects to close
  3. Ensure you complete all outstanding sales invoices

    We recommended ending the payment transaction customer for the unpaid invoices. But it depends upon the status of payments from customers.

  4. Ensure you close the eligible maintenance orders

    We 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.

  5. Ensure you complete all Operation Orders

    You 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.

  6. Ensure you complete all outstanding Production Orders

    You 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.

  7. Close the year

    You 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.

  8. Archive the history data

    There 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 information 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.