Overview
This application moves all the relevant ledger transactions to history.
The relevant Retained earning account to be used must be set up first by Delta support before the Year end clear down can be done by the user.
Effect
The Yearend procedure transfers your income statement account balances to the retained earnings account and it also creates opening balances for all your balance sheet accounts for the new financial year.
Steps to Follow
Once all your journals for the previous financial year are posted, you can do the yearend clear down. You will need to follow the steps below to safely and securely move the data from your live database to history:
1.Make a backup of you LIVE and HISTORY databases.
2.Print all your yearend reports - this will be any report you would like to balance to after the yearend is done. Usually the trial balance is printed for the last period of the year being closed.
3.This account must be set up by Delta support first and the application will default to that account when the application opens. The user will not be able to change this account from the picker.
4.Run the yearend application in DeltaERP and select the retained earnings account. This will be the account to which the income statement accounts will be written to.
5.After the message that states that the yearend clear down was successful, print all the relevant reports again. Usually the trial balance is printed again for the first period of the subsequent financial year.
6.Balance the reports from before and after the yearend.
7.Sign off and keep the reports for record keeping purposes.
8.Just to be safe, make another backup of the LIVE and HISTORY databases.
If anything goes wrong during the yearend, or your reports do not balance, you will have to restore the LIVE and HISTORY databases immediately from the backups made before the yearend.