Yearly Roll Over

In this article we look at the 2 types of Yearly Roll Over processes in Jiwa 7,

• Application Roll Over (not applicable for versions 7.1.0 and up), and

• General Ledger Roll Over

Overview

In Jiwa two (2) financial years can be open and posted to, these are typically referred to as;

• Current Year, and

• Next Year

Only when the current year has been finalised and all relevant journals posted should the Yearly Roll Over process be undertaken.

Once a financial year has been rolled transactions can no longer be posted to that year.

Before proceeding with a yearly roll over ensure that;

1. A backup of your Jiwa database has been taken (speak with your Jiwa Consultant about backing up your database), and

2. All users are logged out of Jiwa

The Yearly Roll Over option from the default Jiwa menu is available from System Settings | Roll-Over | Yearly Roll-Over.

Rolling Over

Application Roll Over

Note: The application roll-over process has been retired from Jiwa versions 7.1.0.  This step is only applicable if you are running older versions of Jiwa.

The Roll-Over Application process completes the following;

• Debtors Ledger - This Years Sales/Budgets are moved into Last Years Sales/Budgets in the Debtor Maintenance Sales tab

• InventoryLedger - This Years Unit/Dollar Sales are moved into Last Years Unit/Dollar Sales in the Inventory Maintenance Figures tab

• Current Financial Year Settings - The System setting Current Financial Year is updated by 1 year

Because the application roll over is not a financial year roll over it is best performed in the first week after the end of the financial year

For example if your financial year ends 30 June the application roll over should be completed in the first week of July

Check the option Roll-Over Application

When you are ready select Process this will bring up the following prompt.

If your database has been backed up and all users are logged off press No to proceed.

The roll over completed pop up will appear when the process has been completed.

Select OK to clear the popup, when the popup is cleared you will notice that the Last Rolled date is updated.

Select Close to close the form.

General Ledger Roll Over

The Roll-Over General Ledger process completes the following;

• Moves Current Year transactions and budgets into Last Year,

• Moves Next Year transactions and budgets into Current Year,

• Posts Profit/(Loss) into Retained Earnings account assigned to the year,

• Closes Last Year from further postings, and

• Next Year is created in the General Ledger Setup form

Remember once the year has been rolled it cannot be posted to

Before completing your General Ledger roll over ensure that;

1. All end of year reconciliation's have been completed,

2. All end of year journals have been posted,

3. Database has been backed up, and

4. All users are logged out

The Clear Budgets option allows you to clear out next year budgets, if the option is not ticked then budgets are rolled over into the next year.

When you are ready select Process this will bring up the following prompt.

If your database has been backed up and all users are logged off press No to proceed.

The roll over completed pop up will appear when the process has been completed.

Select OK to clear the popup, when the popup is cleared you will notice that the Last Rolled date is updated.

Close out of the form.

Updating General Ledger Setup

Once the year has been rolled we need to review/update the settings for Next Year

From the menu select General Ledger | Configuration | Setup

Jiwa allows you to have different Retained Earnings accounts for each financial year.

The active year will appear in bold select the newly created year.

Update the account if required by clicking on the look up icon next field to bring up the General Ledger search form.

In the Periods grid update the period names by clicking in to the field

Once you have completed your updates from the menu ribbon select Save

NOTE: Application Roll Over (not applicable for versions 7.1.0 and up)