Preparing for Year-End in August

To help your organisation prepare for year-end, the following processes can be completed at the end of August.

Before completing any preparation for year-end during June, July, August, and September, month-end processes must be completed first.

  1. To identify orders, income, or debts that might not be received before the end of the financial year, start an accruals list.

  2. To record payments relating to activities for the new year, start a prepayments list.

    If you're not sure whether to post prepayments in period 12 or 97, contact your organisation's accountant.

  3. Add the preliminary budget.
  4. Make sure all transactions have been posted.
  5. Run a final BACs and cheque payment run.
  6. For all bank accounts, reconcile bank statements up to the 31st August.
  7. To check all periods for the financial year are at zero, run a Ledger List for VAT ledger.
  8. Open the new financial year and accounting periods.
  9. Open the September VAT period.
  10. To review funds, run a Ledger List using the FUNDTYPE indices. Academies can also use the Statement of Financial Activities (SORP) report.
  11. To review fixed assets, capital expenditure and depreciation, run a Ledger List for the location's FIXEDAST ledger.