Year End procedure in Mamut Business Software
article ID: 2022407
Year end procedures in Mamut Business Software are shown when running the Year End process. They consist of various steps, which are explained in more detail below. If something has not been done, you will see a list of points that must be done before the year end procedure can be completed.
How to start the Year End Procedure wizard in Mamut Business Software:
1. Click View - Accounting and then click Year End.
2. Select the correct Accounting year that you would like to close.
3. Click Next.
4. The accounts will now be analysed. Click Next to begin the analysis.
You will now get a list of items that must be resolved in order to run the year end procedure.
5. Click Cancel in this window to close and address these points.
Start the wizard again once each of these points has been addressed.
To close your financial year, you must first close all open periods within the accounting year.
To close periods
1. Click on View - Accounting - Period end.
2. Select the period you are closing and press Complete.
Closing VAT periods:
This can be done in the same way as period end. If one of these periods is also a VAT period, you will see VAT Settlement next to the period.
Journal Entry contains data:
If you recieve this message, it means that there are open journals in the journal entry module that have not been updated to the financail ledger in the financial year that you are tyring to close. To resovle this, go to Journal Entry, select the correct accounting year and click the Update Ledgers icon. If you do not see any open journals that are waiting to be updated to the ledger, then the journals are probably linked to a different user. Please proceed as follows:
- Check that the correct accounting year is selected in the toolbar in Journal Entry.
- Click on the User Settings icon (Ctrl + I).
- Click on the Function tab and then click on the button to the right of Show journals for all users.
- Journals that are linked to other users will appear. Click on each of these journals and then click OK.
- The journals will now appear in the journal entry module and you will be able to update the journals to the ledger.
Invoice Journal (Day-book) must be printed:
To print the invoice journal day-book:
1. Click on View – Accounting – Reports.
2. Click on Accounting in the menu on the left and then click Invoice Journal (Day-book).
3. In the Send to drop-down menu, it is important that you select Printer (selecting preview will not allow the printout to be approved).
4. Click Print.
5. Select the Accounting Year and then click OK.
6. Answer Yes to approve the printout.
Note! If you receive the message that the report must be printed again, then this means that you have not selected Printer in the Send To drop-down menu. For example, you may have selected Preview in the Send to drop-down menu and then printed the report from the preview. In this case, the report would still not be approved for the Year End procedure.
Day-book (Automatic Update) must be printed:
Follow the same steps as above to print this.
Profit/Loss must be allocated:
To ensure that the balance sheet is accurately maintained, it is a requirement that the ‘net value’ or balance of the Profit and Loss Statement is journaled to a balance sheet account and carried into the new accounting year with the other opening balances.
In order to allocate a profit, click here.
In order to allocate a loss, click here.
VAT N/C contains a balance:
The only VAT N/C that should contain enteries when you carry out Year End is account 2202 VAT Liability Account. All other VAT N/C's must be settled in the previous year. This ensures that the opening balance that is created for the new accounting year will only include what you owe or are owed in VAT. In order to resolve this, click here.
Closing the accounting/financial year
1. Click on View - Accounting - Year End.
2. Click Next and then Next again. The system will analyse your accounts and possibly give you a list of things you have to perform before the year can be closed.
3. Print out reports 'Invoice Journal (Day Book)' and 'Day book (Automatic Update)'. These can be found by going to File - Print - Accounting.
4. Allocate any profit/loss. To do this please see the FAQ link at the base of this article
5. Click on View - Accounting - Year End once these steps have been performed. Click Next and Next again.
6. Click Yes when asked if you would like the Closing Balances to be brought forward to the next accounting year.
Please refer to the articles below for more information on this process.
Query words: Year end, year, end, Close of year, period end, period,