It is recommended to work within the “This Year” period, so
that you have the ability to back date and post date transactions one year back
or one year forward. Once you have
completed all of your transactions within a given year, you can close that
year.
TIP: If you wait until close to the end of “Next Year” to
close “Last Year”, it will give the easiest access to past years transactions. Once the end of “Next Year” comes, you will
not be able to post until you perform the year end procedure on “Last Year”
period.
When a year end is performed, it will move all GL
transactions to the historical GL tables and will move the year forward; it
will also reset the sales and purchase history year-to-date amounts in
customers, vendors and inventory.
How to do
a Year End in Spire:
Backup database
Make sure all journal entries necessary to close the year are completed.
Examples: amortizations, dividends etc.
Verify that the retained earnings account in company setup is configured correctly.
Run year end reports including trial balances, income statements and balance sheets.
User must have permission to run a year end.
Log into the last day of “Last Year”. If you use the wrong date, you will get an error message.
A pop-up will come up asking you to verify that you have completed steps 1-5.
Then click “Proceed”.
TIP: if this button is grayed out, it means you have not ticked all boxes in step 7.
All done!
Still need some help? No problem! Just email support@tri-tech.com and we would be happy to help!