The Year End process rolls over balances and updates General Ledger account history, and purges transactions older than the time specified in the Customer, Supplier and Products defaults.
Infusion stores Financial transactions for the current financial year, two prior financial years and one year in the future.
Debtors and Creditor transactions are kept for however many years have been selected under
Admin - Defaults
- Manage Customer Defaults
or Manage Supplier Defaults.
There is no urgency to roll over the financial year – you have 12 months until the system issues warnings when processing transactions stating “Warning this date is more than one year ahead of your current G/L”
- Ensure you have entered the year end journal given to you by your accountant.
- Make a backup of your data
- Print any reports that you may want
- Make sure that you are the only user in Infusion
- Go to Financials / Year End / Close Off Year and follow the prompts