AEM-How to Create a New Period Rollover

What you will learn...

In this tutorial, you will learn how to create a new period rollover.

WARNING!
     

A period rollover is run only when all transactions and adjustments have been completed for the financial year. A period Rollover will prepare the accounts for the new financial year, by clearing profit & loss accounts to retained earnings. It is advisable to seek your accountant's advice prior to closing off the financial year to ensure any and all accounting adjustments have been completed correctly.

Prerequisites

All transactions for the period/financial year must be completed PRIOR to running the period rollover, including but not limited to:

• Sales, Expenses, Payments, Receipts, Accruals.
• Bank reconciliation completed with non reconciled items listed.
• Stock Adjustments (if accounted for in GPM).
• Depreciation (if accounted for in GPM).
• Completion of GST return.
• Draft financials including a trial balance.
• Recording of manual year end accounting adjustments.
• Advice of your Accountant/bookkeeper that is now suitable to end the financial year.

Watch the video tutorial: