In Farmplan Business Cloud there is no set year end routine as such.
Farmplan Business Cloud is very flexible; meaning that users can have full visibility of previous and current financial years just by changing the date range on the Categories page, as follows:
These dates can be changed at any time and do not change your data in any way. Similarly any of the reports can be calculated over any specified date range.
Recommended tasks at your year end
Check your category balances are correct.
Go to Accounting | Categories, check the date period at the top is correct for your financial year or period you are reporting for, and drill down into each category to check how each balance is made up. Categories such as VAT owed to HMRC should match the amount you owed at that date.If you spot any incorrect coding then edit the transaction to the correct category (if in an open VAT period) or enter an Adjustment to re-allocate to the correct category, dated the same date as the original transaction.
Tip! Click the filter button and uncheck 'No Balance' and 'Inactive' to only show categories with balances at year end!
Check the amount you were owed from customers and to suppliers was correct at your year end and make sure that you know the details of all outstanding invoices by going to Reports | All Reports | Payables/Receivables and ensure your date you are calculating to is your year end date.
Check your bank balances in Farmplan Business Cloud match the bank balances on your statements. Please read this related article for further information on this
Check your recurring templates within Tools | Recurring Transactions. If you have setup templates for recurring invoices or recurring VAT adjustments for things like the Fuel Scale Charge, ensure these are setup correctly for the coming year (amounts, VAT status etc).
If you're VAT registered, ensure your returns are up to date and locked.
Make sure that you have added your Accountant as a user so that they can access your data.
If, for some reason, your accountant cannot access your data they are going to need a full range of reports including the Trial Balance covering the correct date range plus supporting reports such as the detailed General Ledger, details of all outstanding supplier and customer invoices. We recommend that you talk to your accountant and find out what details they require.
Once your accounts have been finalised by your accountant, you may wish to enter these into your system by using the Adjustments options. If your accountant has access to your business they may enter them for you.
Lock your transactions up to the end of your financial period. This means transactions cannot be added to the previous financial period and transactions up to that period end cannot be changed. This prevents previous work being altered by mistake once the figures have been finalised. You can lock your transactions in the 'Company Settings' menu under the 'Business Info' tab as follows:
Changing your Financial Year
There could be many reasons for this such as needing to standardise financial years if you have multiple businesses with different year ends, or due to the tax basis period reform.
You can update your default financial year from the 'Business Info' tab in Company Settings and enter the start date and end date for your new financial year.
