year end processing for sunsystems v4 ......ky year end processing for sunsystems 4.4 copyright 2013...

KY Year End Processing for SunSystems 4.4

Copyright 2013 Professional Advantage Pty Limited.

YEAR END PROCESSING FOR SUNSYSTEMS V4.4



Table of Contents 1. YEAR END PROCESSING FOR SUNSYSTEMS V4.4 ..................................................................... 3

1.1 Overview .......................................................................................................................... 3

1.2 Current Default Period .................................................................................................... 3

1.3 Date and Period Restrictions ........................................................................................... 5

1.4 Period/Year End Reporting .............................................................................................. 6

1.5 Closing off a Financial Year .............................................................................................. 7

Exercise 1: Transferring Year End Profit or Loss ..................................................................... 8

1.6 Creating Budgets for a New Year .................................................................................. 11



1. YEAR END PROCESSING FOR SUNSYSTEMS V4.4

1.1 Overview

SunSystems is a very flexible, open system where no restrictions are imposed on period end processing. The transition from one period to the next is fairly seamless and can be undertaken without having to perform any kind of period close. Although you are not required to perform period or year end routines at a fixed period of time, you probably want to carry out standard period and year end procedures at regular intervals. There are a number of common requirements including period/year end reporting and adjustments, and transferring the year end profit/loss to the balance sheet. You can continue with entries for the new period/year while in the process of ‘closing’ the previous period, with no restrictions except those you choose to impose.

1.2 Current Default Period

You can determine the specified current period within SunSystems by pressing F9



In addition to the current period, this screen also displays user defaults such as user name (Operator Id) and serialistaion details. The current default period for Financials is specified using New Period. To open the Change Period screen, either:

1. Type NP (New Period) in the shortcut menu, or

2. Using the tabs provided in the Navigation Manager, select tab Ledger

Accounting New Period.



This period is presented during transaction entry, report selection, and other functions as the current or default period. The number of periods in a year is determined by the Maximum Number of Periods setting in the Ledger Definition (LA\LD). Most companies have 12 periods, or 13 if they use a separate period for financial year end adjustments, or they may use 13 four week periods.

1.3 Date and Period Restrictions

It is good practice to apply restrictions on the movement to another period for security reasons. You can prevent operators from posting transactions to prior or future periods by setting the open period range to the current period on the Ledger Setup.

To open the Ledger Setup screen, either:

1. Type LD (Ledger Definition) in the shortcut menu, or

2. Using the tabs provided in the Navigation Manager, select Ledger

Accounting Ledger Definition.



If you wanted to restrict users to only post transactions to the current period, the open periods could be set to C (current period). Other options for Open Periods include +nnn and –nnn, where nnn is the current period. You can also physically type the open periods, as per the screen shot above. The disadvantage of physically typing a period range is that it needs to be regularly maintained. You may also set constraints on the dates that can be used for transaction processing. You can further restrict the periods available to certain operators in the Miscellaneous Restrictions via User Manager

1.4 Period/Year End Reporting

You should ensure that all audit reports are printed and filed for each period. Reports such as your Trial Balance, Profit and Loss and Balance Sheet reports should be generated and filed.



1.5 Closing off a Financial Year

The steps for closing off a financial year are as follows:



Exercise 1: Transferring Year End Profit or Loss We will now look at ‘closing’ 2010 and ‘opening’ 2011. 1. Select LA\LD (Ledger Definition) from the Shortcut menu.

2. Ensure the Open Periods and Open Dates are valid for 2010 and 2011.

3. Exit the Ledger Setup screen.

4. Type NP (New Period) from the shortcut menu, or using the Navigation

Manager (NM) tabs, select Ledger Accounting New Period.

5. Change the Financials Current Period to 01/2011 and press ENTER, or click OK. A message will be displayed at the bottom of the screen: Current Period Amended



6. From the shortcut menu select LA\TB (Trial Balance) or using the NM tabs,

select LEDGER ACCOUNTING Trial Balance.

7. Press ENTER, or click OK to accept the default of Select By Accounting Period.

8. Press ENTER, or click OK to accept the default Accounting Period, or type 01/2011 and press ENTER.

9. Click OK to accept the default settings.

10. Type S to store the report

11. Type in VR – View Report to go to the View Report screen, enter in “. “ or select from the three dots to view the report

12. Scroll to the last page and record the Total Prior Years Profit/Loss.

You could also amend the Current Period in Ledger Setup.



13. Ensure that a Balance Sheet account for Retained Earnings has been setup. Access CA (Maintain Chart of Accounts) from the shortcut menu.

14. Enter your Retained Earnings Account code, or click OK. (in our example we are using account 97000)

15. Click Insert to create a new account for the Prior Years Net Profit/Loss.



16. Enter your new Account Code of Z9999 and press ENTER, or click OK.

17. Enter a Description of Prior Years Net Profit/Loss.

18. Enter a Lookup Code of PRIOR.

19. Select an Account Type of P- Profit & Loss.

20. Ensure the Balance Type is Open Item.

21. Press ENTER, or click OK to save the new account code.

22. Access JE (Journal Entry) function, enter S in the action box to start. Enter a Journal Type of GJ (General Journal). Press ENTER, or click OK to enter the journal line details. (NB: The journal selected in this step are training examples only – please select your companies journal types)

23. Enter a Transaction Reference of Y/E 2010 and press ENTER, or click OK.

24. Enter the Accounting Period to 12/2010.

25. Enter a Transaction Date of the 30/06/2010.

26. Enter a Description of Transfer Prior Years Profit.

27. Enter your Prior Year Net Profit/Loss Account Code of Z9999

28. Enter the Base Amount as recorded from the Trial Balance (in this case 207,765.07) and a Debit.

29. Click OK to enter the other side of the transaction.

30. Enter your Retained Earnings Account Code of 97000, and the above Base Amount and a Credit.

31. Click OK and then enter P to post in the action box or select Post from the Actions menu

32. Click Exit to close the Journal Entry screen.

1.6 Creating Budgets for a New Year

When you have commenced a new year you may look at creating new budgets for that year. You can maintain up to 10 different budget ledgers within a business unit (database) and use these alongside your actuals ledger. The primary budget is identified within (SS DB) Maintain Database Definitions.

If you enter any adjusting entries to the previous year, you will have to enter a closing journal again.



This budget is used for budget checking. You can use other budget ledgers to hold additional budgets or forecasts. For example: revised budgets, next year’s budget or last year’s budget. There are a few ways you can enter budget figures into SunSystems. Enter the budgeted figures through Ledger Entry If the budgeted figures are entered via Journal Entry, you can use Journal Presets to speed up the entry of budget transactions. This can also be used for budgets which are not spread evenly throughout the year. Use Q&A XL Query & Analysis (Q&A) XL can be used to create a file to be imported into SunSystems Financials for budget figures. This application uses an Excel spreadsheet and has the facility to export figures from SunSystems Financials into a spreadsheet, and import figures into the nominated budget ledger. Use Q&A Budget Management



Q&A Budget Management enables you to control the entire budgeting process, including the dispatch and collection of budgeting workbooks and automatic transfer of the budget data from Excel to the SunSystems budget ledger. Using Corporate Allocations You can use Corporate Allocations to uplift budgets. You can take actual figures and uplift them and import these figures into the budget ledger using SunSystems Corporate Allocations.

year end processing for sunsystems v4 ......ky year end processing for sunsystems 4.4 copyright 2013...

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