Performing Essential Maintenance of NEOSYS Finance Module: Difference between revisions
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== Performing Essential Maintenance of NEOSYS Finance Module == | |||
===Clearing Open Items=== | ===Clearing Open Items=== | ||
On systems with heavy loads of transactions on open item accounts, it is essential to do the NEOSYS maintenance task of "Clear Open Items" on the Finance, maintenance menu every month, clearing up to three months prior except that you should not clear up to 31/12/XXXX until you have closed XXXX and taken final statements of outstanding items as at 31/12/XXXX. Failure to do this for a long period of time would lead to "Cross Check Balance" errors. | On systems with heavy loads of transactions on open item accounts, it is essential to do the NEOSYS maintenance task of "Clear Open Items" on the Finance, maintenance menu every month, clearing up to three months prior except that you should not clear up to 31/12/XXXX of the previous year, until you have closed XXXX and taken final statements of outstanding items as at 31/12/XXXX. Failure to do this for a long period of time would lead to "Cross Check Balance" errors. | ||
Although we may NOT clear open items up to date 31/12/XXXX until you have closed the year XXXX, we CAN definitely clear open items until 30/11/XXXX without closing the year XXXX i.e. we clear open items until the penultimate month of the year. | |||
=== Opening a new financial year === | === Opening a new financial year === | ||
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=== Closing a financial year === | === Closing a financial year === | ||
Closing a year in NEOSYS prevents anyone from posting further entries into it regardless of their level of authorisation | Closing a year in NEOSYS prevents anyone from posting further entries into it regardless of their level of authorisation | ||
However, authorised staff can reopen closed periods and years temporarily if further postings are required. Closing is therefore a convenient "switch" which can be closed and re-opened at will if a user has sufficient authority. | However, authorised staff can reopen closed periods and years temporarily if further postings are required, eg. posting some final year-end auditors journals. Closing is therefore a convenient "switch" which can be closed and re-opened at will if a user has sufficient authority. | ||
Closing is done by entering or changing the "Closed Period" on the Company File. Opening the new year does not automatically close the old year. | Closing is done by entering or changing the "Closed Period" on the Company File. Opening the new year does not automatically close the old year. | ||
Latest revision as of 09:20, 25 February 2018
Performing Essential Maintenance of NEOSYS Finance Module
Clearing Open Items
On systems with heavy loads of transactions on open item accounts, it is essential to do the NEOSYS maintenance task of "Clear Open Items" on the Finance, maintenance menu every month, clearing up to three months prior except that you should not clear up to 31/12/XXXX of the previous year, until you have closed XXXX and taken final statements of outstanding items as at 31/12/XXXX. Failure to do this for a long period of time would lead to "Cross Check Balance" errors. Although we may NOT clear open items up to date 31/12/XXXX until you have closed the year XXXX, we CAN definitely clear open items until 30/11/XXXX without closing the year XXXX i.e. we clear open items until the penultimate month of the year.
Opening a new financial year
Before you can enter any financial journals into a new year, either posted or unposted, you have to perform the "Open New Year" process on the NEOSYS Financial Maintenance menu. Opening the new year does not close the old year and you can continue to work in the old year as well as the new year at the same time without any restriction. You can continue to get all financial statements for the old year as if the new year had not been opened.
Contrary to common practice with many financial packages, it is possible and best practice in NEOSYS to open the new year immediately on the 1st January. Therefore you can post into the new year immediately and get up to date accounts without a break and without relying on temporary manual accounting systems for essential accounts like banks.
To restate this, in NEOSYS, opening a new year has nothing to do with closing an old year.
Closing a financial year
Closing a year in NEOSYS prevents anyone from posting further entries into it regardless of their level of authorisation
However, authorised staff can reopen closed periods and years temporarily if further postings are required, eg. posting some final year-end auditors journals. Closing is therefore a convenient "switch" which can be closed and re-opened at will if a user has sufficient authority.
Closing is done by entering or changing the "Closed Period" on the Company File. Opening the new year does not automatically close the old year.
