Why can't I trade in Jim2 in the new financial year?
Jim2 allows you to have only two financial years open concurrently. If you did not close the previous financial year in Jim2 before the last day of the financial year, you need to do it now. For example, if it is 1 July 2018, you will need to close off the 2017 financial year at this time, before you can proceed. If you go to Tools > Options > Accounts you can see which financial year is still open.
Why can't I close the financial year – the OK button is greyed out?
You must stop Jes before you can close the financial year. Furthermore, you can only have one user logged on to Jim2 (the person who is closing the financial year). You can click Jim2 (top left in the file menu), then Logged Users to see who is logged on to Jim2. You should see only Jes and yourself in the list. Jes will appear as the user sys with the entire line greyed out. See your system administrator for assistance with stopping Jes if you are unsure.
The Close Financial Year Wizard says there are POs on Received. How do I correct this?
Go to Purchases > Create PO List with only Received ticked at the top right of the list, and identify those with a vendor invoice date in the financial year that you are trying to close. You will need to finish these POs before you can close the financial year, but you should also investigate why they are still on a status of Received.
The Close Financial Year Wizard says there is stock sold in advance. How do I find out what it is and then correct this?
Go to Management > Reports > Stock Reports and run the Stock in Advance Liability report up to the end of the financial year that you are trying to close.
The report is in two sections.
1.The first section lists stock that is actually sold in advance (ie. Jim2 does not have any of this stock, but you invoiced the customer anyway).
2.The second section lists stock that is sold from POs on Received, which is okay, as long as you finish the POs.
Print the report if you have stock sold in advance, as you will need to investigate further. There might be POs in Jim2 for this stock which have not yet been finished or received. The stock might not have been entirely correct when you changed over to Jim2, so you might need to add a stock adjustment to correct what was sold in advance. You should date it 30/06/yyyy, where yyyy is the year you are trying to close (for New Zealand the date would be 31/03/yyyy).
 |
To avoid changing the overall figures for that year, you can make the dollar value of each line of the adjustment zero. If unsure, speak to your accountant first. |
There is no stock sold in advance for the year that I'm closing, but the warning is still there. What should I do?
Jim2 does not differentiate which year the stock was sold in advance, so it warns you if stock is sold in advance in the current year as well as previous years. If you are certain that there is no stock sold in advance for the year that you are closing, you can simply tick the box to override the warning.
The Close Financial Year Wizard says that there are bank accounts not reconciled, but I have reconciled all my active bank and credit card accounts. What should I do?
Review the bank accounts and credit card accounts that are set up in your general ledger, as you might have some old accounts that are no longer used. If you are confident that all your active accounts have been reconciled past the end of the year that you are closing, you can simply tick the box to override the warning.
The Close Financial Year Wizard says that the Historical Balancing Account is not zero. How do I correct this?
The historical balancing account tells us that your general ledger account opening balance debits and credits are out of balance by this amount. You have to clear the historical balancing account by correcting the GL opening balances. To find out how to do this, refer to the topic How to Clear the Historical Balancing Account.
The Close Financial Year Wizard says that the opening balance debtors/creditors do not match the GL. How do I correct this?
There are two opening balances on the trade debtors and trade creditors GL control accounts. They are the opening balances that you manually entered against the GL accounts (which should match the closing balance from your previous system) and the calculated opening balance (which is the total of all the individual entries against your debtors and creditors). These figures must match before you can close your first financial year in Jim2. If these figures do not agree, the difference is impacting on the historical balancing account. Refer to the topic How to Clear the Historical Balancing Account.
The Close Financial Year Wizard says I should do a backup before closing off the financial year. Is this necessary?
It's important to make a backup of your Jim2 database immediately before closing a financial year. Keep this as an archive copy in case you need to refer back to it.
Remember, the Happen Support team is available to assist you, by calling 02 9570 4696, or by emailing support@happen.biz.
Further information:
Accountants End of Year Adjustments
End of Financial Year Process for New Zealand