Instructions for closing accounts in the previous year and transferring the balances to the new year

You can leave this to us for $100 USD

Or do the following steps yourself:

  1. make sure you are using the latest version of the software and update it if your software version is outdated. To find out what version of your software you can go to the Help menu in the About Us section and to find out what the latest version is and how to upgrade, click here
  2. If several users are using your software at the same time, ask everyone to exit the software and you should log in to the software with the Admin user and perform the year-end operation.
  3. Enter the financial period in which you want to close the year and take backup and transfer a copy of the backup file to a flash memory or Google Drive or any other safe place so that you can restore it in case of any mistake.
  4. Enter the Tools menu and select Recalculating all profits and Loss and fixing Kartex sub menu, then select All from the next yellow form and press the Start button. This may take a long time. Depending on the volume of your information, it may take between 5 minutes and 20 hours. During this process, you should not do anything else and no other user should log in to the software and you should wait until the process is completely finished.
  5. Enter the Definitions menu and select Currencies then enter Today rate for all currencies except the base currency. This is done in order to revalue the balances of the accounts.
  6. Enter the Definitions menu and select Expenses then define a ledger called the cost of currency revaluation
  7. Enter the Definitions menu and select Incomes then define a ledger called the income from currency revaluation
  8. Enter the Vouchers menu and select Voucher then click on Tools button in this form and select Revaluation of foreign currency accounts then enter the Expense and Income ledger codes that you defined in the previous section then click the Generate button. Then Check and Lock the generated voucher. Its date must be the end date of the fiscal period. Note: generating this voucher is not mandatory and you can generate it if you wish.
  9. From the Reports menu, get the profit and loss report with unchecked dates and based on the average rate and note your net profit or net loss amount (in the last row) on a piece of paper.
    Now, in the Voucher form, click the Tools button and select Closing Income and Expense then, make sure that "220002 Accumulated Profit and Loss at the end of the year" is selected and click the Generate button. The date of this voucher should be the last day of the fiscal period.
    After generating this voucher, the amount that is placed in the last row "220002 Accumulated Profit and Loss at the end of the year" should be the same Amount that you wrote down on the paper. and if you take the profit and loss report again, it should be Zero.
  10. Now, close the software and define an empty fiscal period for the new year. To do this, you can refer to the software's Tutorial files, section year-end operations part Define new fiscal period
  11. Enter the new fiscal period, then select Import Data from another period from the Tools menu. Now, in this form, select the previous fiscal year and select Ledgers then click Select button to transfer Ledgers from the previous year to the new year. Then change the selection to balances and click the select button again to transfer the ledger balances from the previous year to the new year. This will generate voucher number 1 for ledgers opening balances
  12. Close the software once, open it again, and enter to the new fiscal period.
  13. Check and Lock the generated voucher number 1. but update its rates before. means re-rate all rows whose currency differs from the base currency and enter the rate of that currency at the beginning of the new year for it so that the value of that account becomes real.
    If this voucher is not balanced, add a row to the bottom and put ledger code 220002, which is related to accumulated profit and loss, and click Do Balance button on this row to fill in the amount and make the voucher balanced. Now you can click the Check and Lock button.
The work is done and the balances have been correctly transferred from the previous year to the new year and you can continue your work in the new fiscal year.

There is only one thing left, if you are using the SQL Server version and have a connected website and your customers receive their account balances and account transactions on their mobile phones through that website, you should note that the website settings point to the database of the previous fiscal period and you should change it to the database related to the new fiscal period.

To do this, you can open this file:
C:\inetpub\wwwroot\db_config.php
with a text editor and change its database name to the new name

Good luck
AFG Software