End of Financial Year – What You Need to Know
Tags: EOFY   Accounting   Stock   Support   Customers  
7/05/2013 2:50 PM

With the end of the financial year almost upon us, there are some housekeeping tasks that need to be completed prior to closing off the year in Jim2.

Besides the physical tasks, such as doing a stocktake, there needs to be correct preparation of Jim2 prior to closing off the financial year.

To assist you we’ve produced detailed documentation, which you can find on the Support page of our website. You'll also find plenty of other support documents to help you in your day-to-day running of Jim2 in general.

The Jim2 Closing the Financial Year Checklist is a step-by-step document to help you make the process as easy as possible.

Once done, you cannot reverse the closing off procedure – we strongly suggest that you download and use this checklist.

It’s important to remember that closing the financial year is integral to maintaining an accurate Jim2 database.

Equally important is that you ensure your Accountant is aware you’re closing the financial year – they’ll need to provide you with an adjusting end of year journal prior to closing off.

If you are closing off the financial year for the first time, How to Clear the Historical Balancing Account takes you through the process to ensure all opening balances from your previous system have been correctly entered into Jim2. These steps are necessary before you can close off your first financial year.

For more information, please send us an email, call us on 02 9570 4696 or go to Accounts > End of Financial Year in the Jim2 Help File (F1).

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