Information Systems:Fiscal Year-end Procedures (ASW)

Overview

Every year at January's end, there are several checks and processes that need to be performed to ensure a successful turn-of-year in ASW.

This page is based on the following document: Fiscal 2017 Year End Procedures.pdf.

STEP 1 – UPDATE YEARLY TABLES Prior to rolling the accounting period from December 2016 to January 2017 (using the normal period rollover routine) the following tables should be set-up for the new year (this may be done at any time prior to the end of the year):

1. IMPORTANT: Journal Number Series – Add a new series for 2017/2018 if not already done. Tip: you may add several years at once.
2. IMPORTANT: Voucher Number Series Add and copy last year/series number and reset to first number of the series. You may have 20 – 30 different voucher types to copy. Tip: you may add several years at once.
3. Document Number Series – review only, however continuous series are normally used and not dependent on year. Only create new document number series for those series which are type = 1(yearly). If all are equal to type = 2(continuous), then no changes are necessary. In our experience most companies use type 2. Most likely no action required.
4. Exchange Rate, system currency - Should already have a time period of ‘*’ which means fixed at 1.000. If so, no action required. If your system currency uses a yearly rate, enter the new year and a rate of 1.000. If you are single currency, then no action required.
5. Exchange Rate, foreign currencies – Update any foreign currency exchange rates as needed.