2. Once I have done a Year End, will I still be able to post to the previous financial year?
In Omni Accounts the Year End process does not stop you posting transactions into any financial year except for what is your Previous Financial Year before the Year End process is run.
For example, looking at the image above, if a year end is processed, then the Financial Year 2010-2011, will no longer be available. 2011-2012 will become the Previous Financial Year, 2012-2013 will become the Current Financial Year and 2013-2014 will be created and will become the Next Financial Year.
To allow posting into a financial year:
- in 7.14.61 and later go to File | Change Periods, Set Open Periods.
- in 7.13.60 and before check that the "Allow processing for this financial year" is ticked in the Period Setup screen.
See how do i go about entering adjustments my accountant has given me? Remember to disallow processing for the previous financial year again when you have completed your year end entries for the previous year.
If for some reason, you need to post transactions into the year before last, then you will need to do a Year End Reversal. This can be done by going to File | Yearly Function | Year End Reversal. If you do not have this option, then you are running an old version of Omni, and will need to upgrade. You will then redo your Year End again once you are done.
3. What does processing a year end do?
A new set of periods will be generated for the following year, and the current 3 year window where processing is allowable will be moved forward.
In Omni Version 7.4.47 and later:
The balances from the Profit and Loss Accounts will become zero and be "moved" to the Retained Income Account. NB. This is purely a calculation, no Profit & Loss Clearing transactions will post. No transactions will be deleted. All history will remain. The reports will calculate Retained Income according to the account set up as the Retained Income account in the Nominal Ledger Options.
In Omni Version 7.4.44 and before:
Omni will post Profit & Loss Clearing transactions to all your Income/Profit & Loss accounts and the contra will be posted to your Retained Income account that you nominated in the Nominal Ledger Options. Balance Brought Forward transactions will be created for the balances for Balance Sheet accounts. All Nominal Ledger transactions for the previous year are deleted. Year ends processed using this old version can never be reversed. Support was dropped for 7.4.44 many years ago though, so it is unlikely you will still be using this version.
4. How to process a year end
Choose the menu options File| Yearly Functions| Process Year End. This will then allow you to Copy the company and also to Back Up the company. It is strongly recommended that you make a backup at this point. The copy of the company is optional for easy reference. The backup should be copied onto some sort of removable media and stored in a safe place.
Please note that if you tick either option to copy and backup and then you subsequently click the Cancel button to exit out of one of these functions for some reason, this will abort the Year End process.
The Copy Company creates a copy of your company BEFORE the Year End. We suggest you name the company with the same name and add on the year end date, for example "ABC Co Y/End Feb 2011". This is just a backup copy. Keep working in your usual company after the Year End.
See also I can't copy my company
Once your backup and/or copy is done, you will get a confirmation message.
Click Yes if you are happy with the year you are moving into.
You will see a progress screen as the Year End runs. A message will then display to say the Year End has completed and you will be given a chance to check and amend your Period Setup.
At this point you have completed the Year End.
5. How do I go about entering adjustments given to me by my accountant?
First you need to make sure you have allowed processing for the previous financial year. You can then process the entries.
Omni gives you the option of switching on a ‘Year End Processing Mode' (File| Yearly Functions| Switch on Year End adjustment mode). Any transactions that are processed while in this mode are flagged as "Year End Adjustments". Once you have finished processing, go back into the option to Switch Off Year End Processing Mode.
You would normally use this function after you have done a Year End and you are posting adjusting entries given to you by your accountant.
You can then print your Nominal Ledger reports including or excluding these ‘Year End Adjustment’ transactions.
What this means is that you can print Financial Year End reports including or excluding the adjustments, received from your accountants, that you have entered using the ‘Year End Processing Mode’. So you can print an Income Statement and Balance Sheet that include or exclude these adjustments.
Remember to switch "Year End Processing Mode" off and also disallow processing for this previous year (Tools| Options| Setup Periods) once you have finished. You don't want someone to process anything else in this Previous Year by mistake.
6. I can't copy my company
The reason for the message you are getting is due to the fact that you have ticked the box “Copy Company” on the Year End Screen. Ticking this option means that you want Omni to create another Company on the system with data as it was before the year end is processed. This option was created for easy reference if at some point you need to look at the state of the company before the Year End was processed. It is entirely optional. In version 7.9.56 and later the screen is also more descriptive.
Your user licence only lets you create a maximum of 5 companies and you are therefore getting this message as you already have 5 active Companies. There are 3 solutions to this problem:
- Buy the feature Unlimited Companies.
- Remove the tick from the “Copy Company" option before you run the Year End
- Log into the Control Centre, click Company | List Companies and then delete or deactivate a Company that is no longer required
7. I need to process for the next Financial year, but the menu options are all greyed out.
If a new financial year has just started, the reason for all your menu options being greyed out will most probably be as a result of you trying to process in a period in which processing has not yet been set as allowed. You can tell this by the date on your top tool bar displaying in red.
To allow posting into the next financial year:
- in 7.14.6 and later go to File | Change Periods, Set Open Periods.
- in 7.13.60 and before check that the "Allow processing for this financial year" is ticked in the Period Setup screen for the next financial year.
Remember to process your Year End as soon as possible. There really is no good reason not to with Omni Accounts. See When do i need to process a year end?
8. How do I print a Balance Sheet?
Keeping in line with new legislation, the name of the Balance Sheet has changed to "Statement of Financial Position".
The Income Statement is now called "Statement of Income and Retained Earnings". To print these reports look under Ledger| Financial Reports.
9. Do I need to pay anything to be able to work in the new financial year?
Although Enterprise and Premium have an annual licence fee, if a new year has started and you cannot process, it is more likely that you simply need to allow processing in the new financial year.
10. I cannot process the year end due to the nominal ledger being out of balance.
Run a Data Consistency Check
If there is nothing to post in your Data Consistency check , then It seems your DB indices have become corrupt. To fix this you need to run a database optimisation, which is basically a backup, followed by a restore. To run a database optimisation, everyone must remain logged out. A database optimisation is run from Tools | Database Maintenance | Database Optimisation in the Omni Control Centre. Please let us know if you experience this problem, so we can keep tabs on how prolific it is.
11. I cannot process the year end due to the system thinking users are logged in
To see who Omni thinks is still logged in, go to Users| List Users in the Control Centre. For all users where the “Logged In” column is set to ‘Yes’, double check with them that they haven’t got their Omni open.
Note: the Year End is not looking at the information in this table to count the number of connections to the company database, it is getting this information from the Firebird server. It might even be an application other than Omni connected to the company’s database. As a last resort, if you really can’t find out where the connections is coming from, and have to proceed with the Year End, then restart your server, which will forcibly disconnect anyone who may still be logged on.
12. How do I reverse a Year End?
If you processed too many year ends by mistake, or discovered some transactions that need to be processed more than a year ago, then from v7.10.57 you can reverse a year end.
To do this go to File | Yearly Functions | Year End Reversal.