8.9.7 General Ledger Creation (08860m)

Muli completes a number of General Ledger functions in background and so they have handles for the transactions. A number of system orders are required to be raised each year.

Before commencing this step, we would recommend that you:

• Have read and understood Man5301 Muli Accounting Framework
• Have already established next year's budget

This application provides this function.

Stage 2

Overheads tend to have similar transactions flowing on from year to year. This application will step through last year's Orders to provide an efficient procedure for establishing the next year's starting position.

Having completed a set of year-end accounts (Income statement balanced to zero), this application will transfer closing values in numbered accounts in the Balance Sheet will be transferred to the next financial year by creating new Orders to the existing organisation with a balance and then completing a journal dated 1st day of the new financial year debiting the prior Overhead and creating an opening balance equal to prior year-end balance.

This process may be repeated and only the values that have changed will be reposted.

1. Financial Year