I am new to Manager and have used the system for approximately 2 years. Currently running 4 companies on this system.
I still can’t figure out the year-end procedure to follow.
I looked at the old topics but they were not very useful. I have changed the dates on the summary screen and checked the reporting. there are some of the ledger accounts that do not have opening balances from the previous year. I am on the latest version 24.6.8.
For the reporting to be accurate and include opening/closing balances.
What is the proper procedure to follow on Manager? If someone could please guide me.
There is no year end procedure. The dates you set in your report edit screen will determine what you see in your Profit & Loss and Balance Sheet reports. If your business has a May year end you would run your adjusting journal entries in May, if you do those annually, and set the dates for your P&L report for 1/6 to 31/5 etc. Setting the dates on the Summary screen can be useful in some instances, but it doesn’t affect the underlying figures.
Once a financial year end has been completed and all adjustments have been made it is often prudent to ‘lock out’ that financial year from further entries. This is done via Settings > Lock Date