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Year End Processing

Year End Processing in IMMS is a Process by which transactions and entries of a financial year are locked once that financial year ends. This saves the previous data and prevents unauthorized people from tempering it.

 

Please note that the current financial year is entered while installing IMMS for the first time through Period End Dates Setting option.

 

In IMMS, there are transactions which can be entered only if they fall within the current financial year. Once the financial year ends, it becomes compulsory to execute the Year End Process. Once this Process is run for the current financial year, all the transactions belonging to it are locked. This effectively means that neither new transactions can be entered nor the existing ones can be changed in that year. But IMMS provides the flexibility to carry forward certain transactions, entries and settings related to Inventory and Finance to the next year. Through this option, the user can choose which settings or entries should be carried forward.

   

To run the Year End Process, the current period should be 12. Therefore it is compulsory to run Period End Process for all the previous periods of all Sites first.

Screen Layout of Year End Processing

Field Description of Year End Processing

Inventory Year End Option

Specify how the Year End Processing should effect Inventory by selecting one of the below options -

Year End with Masters and Settings (Without Opening Stock)

Select this option by clicking on it. As a result, all Masters and Settings except that of Finance will be carried forward to the New Year but without the Opening Stock and Value of Items. The system will allow user to enter new Opening Stock and Value for all those Items which have already been defined in Item Master and for which Warehouse Inventory Setting is done.

 

Year End with Transactions

Select this option by clicking on it. As a result, IMMS retains all transactions except that of Finance as it is in the database.

 

The system also retains Old Financial Year Closing Stock with Value except Finance for all Items as an Opening Stock with Value for the New Financial Year.

Please note that following tasks are mandatory to be executed for the Year End with Transactions option -

1. All types of PO Authorisation.

2. All types of PO Amendment Authorisation.

3. All types of GRN Authorisation.

4. All types of DC Authorisation.

5. Material Adjustment Authorisation.

6. Warehouse Transfer Note Authorisation.

7. Internal Return Note Authorization.

8. Return against Extra Issue Authorisation.

9. Return against Extra Issue against CJO Authorisation.

10. Internal Rejection Note Authorisation.

11. Rejection against Extra Issue Authorisation.

12. Rejection against Extra Issue against CJO Authorisation.

13. Vendor Rejection Note Authorisation.

14. Sales Return Authorisation.

15. Scrap Receipt Authorisation.

16. Capital Job Order Authorisation.

17. Project Invoice Authorisation.

18. Project Return Authorisation.

19. Project Internal Rejection Authorisation.

20. Project Internal Return Authorisation.

Old Fin Year:

Displays the current Financial Year for which Year End Process is being done for your reference.

 

New Fin Year:

Displays the next Financial Year for your reference.

Document Serial Number Options

Specify how the Document Serial Numbers should be generated in the New Year.

Want to continue current Document Serial Numbers as it is?

Select one of the following options -

Yes

Select this option by clicking on it. As a result, the system will not update document numbers and existing numbering will continue in the new Financial Year.

No

Select this option by clicking on it. As a result, the system will update last Document Serial Number as ZERO for New Year in Document Serial Number so that fresh sequence can be started for New Year.

Finance Year End Options

Specify how the Year End Processing should effect Finance by selecting one of the below options -

FAS Year End with Masters only

Select this option by clicking on it. As a result, all masters belonging to Finance will remain same with the New Year. System will update Opening Amount as ZERO for New Year and also allow user to enter new Opening Balance in Account Master Entry option of Finance Module.

 

FAS Year End with Transactions

Please note that this option get enabled only if Year End with Transactions option is chosen.

 

Please note that before Year End Processing can be done with Transactions, it is mandatory to authorize Bank, Cash, Inter Unit and On-behalf vouchers.

 

The user is required to furnish further information as follows -

Close the year for Inventory and keep the year open for All Financial Transaction for this year and new year both

Turn this flag 'On' by clicking on it. As a result, the system will allow to enter Miscellaneous Transactions, Journal Vouchers, Bill Passing, Credit Notes and Debit Notes for previous year even after the year end and will update balances for respective year at the time of authorization.

Transfer Accounts WITH Opening Balances (Liability/Asset)

Select this option by clicking on it. As a result, the system will carry forward Closing Balance Value of Accounts in New Year as an Opening Balance.

 

Transfer Accounts WITHOUT Opening Balances (Liability/Asset)

Select this option by clicking on it. As a result, the system will update Opening Amount as ZERO for New Year and also allow user to enter new Opening Balance in Account Master Entry option of Finance Module.

 

Do you want to keep GRNs, which are pending for Bill Passing as it is. Select Yes to keep them pending. Select No to close

Specify whether GRNs that are pending for Bill Passing should be available for Bill Passing in the next year or not.

Yes

Select this option by clicking on it. As a result, GRNs pending for Bill passing will be available in next year for Bill Passing.

 

No

Select this option by clicking on it. As a result GRNs pending for Bill passing will NOT be available in next year for Bill Passing.

Do you want to keep Service PO, which are pending for Bill Passing as it is. Select Yes to keep them pending. Select No

Specify whether Service Purchase Orders that are pending for Bill Passing should be available for Bill Passing in the next year or not.

Yes

Select this option by clicking on it. As a result, Service Purchase Orders that are pending for Bill passing will be available in next year for Bill Passing.

 

No

Select this option by clicking on it. As a result, Service Purchase Orders that are pending for Bill passing will NOT be available in next year for Bill Passing.

Do you want to keep Pending Remittance Entries for further adjustments in New Financial Year?

Specify whether pending Bill wise break-up remittance should be available for the next year or not.

Yes

Select this option by clicking on it. As a result, pending Bill wise break-up for remittance will be available in next year for remittance.

 

No

Select this option by clicking on it. As a result, pending Bill wise break-up for remittance will not available in next year for remittance. Instead, User can enter data separately thorough functions available in IMMS (Debtor/Creditors Opening Balance Remittance) for New Year.

 

Once you have entered all the information, click on 'Save' button to execute the Year End Process or 'Cancel' button to discard. The control will go back to the list.