In order to ensure that your End of Financial year procedure goes smoothly, there are a few things that you need to consider. Here are a few things to check:
- Make sure all debtor bills have been entered and finished (with a payment method applied).
- Post all outstanding batched invoices.
- Enter all creditor invoices and payments.
- Make sure a full stock take sheet is generated (for each store if operating multiple stores) by the end of the last day of the financial year if you are counting stock at that time - ideally this should be done after you have finished trading on the 31st of March 2016.
- Perform the physical stock take count - ideally outside trading hours on the last day of the financial year (31 March 2015). Check on the stock take printout whether you are counting in Packs or Units.
- Enter the counted stock figures into VETLINKSQL - you may continue to do this over several days, but it must be completed prior to performing the Creditors End of Month. Remember: Check on the stock take screen whether you are entering in Packs or Units.
- After entering stock make sure the Col_Total in the Enter Stock screen has the correct SOH value you wish to post.
- Post the stock sheet (if you are operating more than one store ensure all stock sheets are posted).
- Perform the Debtors End of Month. (Before completing stocktake Statements can be printed but you will not be able to continue EOM past that point).
- If inactive items have stock on hand they will still appear in the stock value report. ALL inactive stock can be zeroed quickly by doing another stocktake for inactive stock only.
- Perform the Creditors End of Month.
- Perform the Debtors End of Year.
- Perform the Creditors End of Year.
For a comprehensive guide on how to succesfully do End Of Period, please watch our webinar by clicking on this link.