When do I need to process a Year End?

You should process the Year End more or less as soon as you need to start entering transactions into the new financial year and you have captured most of your transactions in the old year, except perhaps the accountants’ year end adjustment entries. ie. pretty much the same time that you would normally roll over to the following month.

You can process in the Next Financial Year, but it is not recommended that you do this for any length of time. You can go back and make adjusting entries at any time to the previous Financial Year.

Omni Accounts will only create financial periods for one Financial Year ahead of your Current Financial Year. This means that you cannot work two Financial Years ahead. In this instance, you need to do a Year End and then you can work in the Previous Year, Current Year and Next Year. See here How to process a year end

Within that Previous/Current/Next three year window, you can specify which periods/years can be posted to.

- In Omni Version 7.14.61 and later:
  Simply click your date button

- Then, go to the Open Periods tab, and select which periods in the possible 3 year window are open for processing.
  After a year end has been run, the period processing is allowed from will not be affected. Once you have finished processing for the previous month, you will close the period for processing as normal. ie. via the same screen.
- In Omni Version 7.13.60 and before:
  Simply tick the box to allow processing for each of the financial years in the Period Setup (Tools| Options| Setup Periods).

After a Year End has been run, Omni automatically only allows processing in the Current Financial Year.

Read more here processing in previous financial year and processing in the next financial year to cover this in more detail.