Fiscal Year-End Approaches - Tips

This instructions covers tips for how to handle the end of the financial period in Netvisor.

• Establish the next financial period well in advance before the current one ends.
  • Note that invoices and vouchers can only be recorded for established financial periods.
  • Note that accruals cannot be made for a financial period that does not exist in the system.
• Check whether the balance sheet and profit and loss statement differ.
  • If the balance sheet and profit and loss statement do not match, the reason may be a separating voucher, meaning the Debit–Credit balance does not match.
  • You can search for separating vouchers as follows:
  1. Open the view by selecting Financial management > Reporting > Accounting reporting > Voucher browsing.
  2. Select the time range from which vouchers are searched.
     • Often the range is the entire current financial period.
     • Note that the difference may also be in previous financial periods.
  3. Tick the box "Show only separating vouchers".
  4. Select "Show report".
  5. Check the report listing.
     • Make sure that only the financial statements voucher appears in the listing.
     • If other separating vouchers appear in the listing, check these vouchers.
     • Note that other separating vouchers usually reveal an incorrect or missing posting.
• At the turn of the financial period, check that invoices are recorded in the correct period.
  • Note that sales and purchase invoices have both an invoice date and a posting date.
  • Invoices are recorded in the financial period according to the posting date.
• Make sure that the reconciliation view is in order at the latest in the financial statements.
  • In Netvisor, it is recommended to do the reconciliation at the latest when the monthly vat lock is relevant.
  • When you perform reconciliation continuously, there is less work in the financial statements.
• Use the separate instructions for reconciliation and finding differences.
  • Here you can find instructions for reconciliation and tips for finding differences Closing the month and accounting reconciliation.

Frequently asked questions

Question: Why does the next financial period need to be established before the current one ends?

Answer: Invoices and vouchers can only be recorded for established financial periods, and accruals cannot be made for a financial period that does not exist in the system.

Question: What causes the balance sheet and profit and loss statement not to match?

Answer: The reason may be a separating voucher, in which case the Debit–Credit balance does not match. You can search for separating vouchers in the Voucher browsing view by selecting "Show only separating vouchers".

Question: For which financial period are sales and purchase invoices recorded?

Answer: Invoices are recorded in the financial period according to the posting date, even though the invoice also has an invoice date.

Question: When does the reconciliation view need to be in order?

Answer: The reconciliation view must be in order at the latest in the financial statements. In Netvisor, it is recommended to do the reconciliation at the latest in connection with the monthly vat lock.

Question: Where can I find more detailed instructions for accounting reconciliation?

Answer: You can find more detailed instructions and tips for finding differences in the instructions "Closing the month and accounting reconciliation".

Keywords: financial period end, separating vouchers, creating a new financial period, accounting reconciliation

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