5701 Muli Financial End of Year Procedures

It is advised that the following procedures be adopted for the creation of new OVERHEAD projects.
NOTE: Prior to 30 June, you need to have completed Steps 1 - 6.
Prior to creation we recommend you run the following report:

Current Year Overhead Project Allocation Accounting Report (7.4) as this will give you information as a basis for setting up the New Year.

Step 1

At the main menu enter 7.10.3 and this will take you to Accounting Periods Maintenance.

1. Accept ADD

2. The screen shows Accounting Periods for the Year... Periods.

3. Enter: 2009
   Period dates will be automatically set up, but please check them to be correct; just in case.

4. Field number to change (1-12)... Press Enter.

5. Returns to main menu.

Step 2

1. Create a new overhead project in Project Master Maintenance. (2.1).

2. Enter ADD.
   [It is a good idea to print out currrent Project Master Maintenance (2.1) to use as a reference to set up new overhead project]

   1. Enter your new overhead project number (e.g. 908000).

   2. Project Description... (e.g. Co.Name - O/H 2009).

   3. Client... (e.g.*SYST) or Real Company Name for Customer File

   4. Sort key... press enter (normally left blank)

   5. Contract Type... enter 01 (lump sum).

   6. Site Address 1.... enter your address

   7. Project Manager... (Responsible Person Code)

   8. Contact Name... leave blank or insert the name of the Administration Officer.

   9. First transaction date - enter 01/07/08

   10. Last transaction date - enter 30/06/09

   11. Skips

   12. GST AR Code

   13. GST AP Code

   14. Skeleton Type... enter 91 - Normal Overheads

   15. Contract Sum... O/H yearly proposed costs
       Skips to 20
       Skips to 34

3. At "Field Number to Change" check all data and if correct press ENTER to accept and F8 to step back.

*** REPEAT for each Overhead Company.

Step 3 Create Overhead Budget

Now you will need last years' allocation report which you printed prior to commencing Step 1.
Check off the allocations in the report and mark off those not required for this year and add any that are.

1. Enter .2.4 - Budget Maintenance

   1. Enter Project Number... (new overhead project number e.g. 809000)

   2. Select the required allocation number - Enter

   3. Select required element - Enter

   4. Defaults to Amount - Enter Amount or accept default

   5. OR, if you wish to overwrite the Description, F8 at the Amount field to go back to the Description box to enter details - Enter. Enter Amount or accept default

   6. F12 to ACCEPT

NOTE: If, at the bottom of your screen, you get "Budget Reached - is budget to be frozen?" (Y/N) - enter N.

1. If allocations exist that were not in the skeleton, you may simply add same at budget maintenance.

2. If delete does not show in the (F11) box , then your secure in 19.1.10 Responsible Person Maintenance Item 4 should be set to 6.

3. On completion of allocation entries return to the menu.

4. Print a new Budget Allocation Report (.2.5) and check all allocations and budgets for correctness.

*** REPEAT for each Overhead Company.

Step 4

Select Menu .7.10.6 - G.L. Orders Maintenance (G.L. Interface Setup) This step sets up the General Ledger Consolidation and Interface Orders.
You will need to have done the following:-

1. Set up the Accounting Year (.7.10.3).

2. Company Consolidations (should be the same as last year).

3. Overhead Projects for each consolidation.

4. Overhead Orders are then automatically created and displayed.

5. The BAS Reporting Frequency for each consolidation.

*** NOTE: Update default is No, you must say Yes

Step 5

1. Select Menu .7.12.1 G. L Periods Control

2. First step Company... (O/head Consolidating Company).

3. Then this new fiscal.

4. The Account Period (1) for July and open Accounts Payable Invoices etc.

5. Next step at default select 4 and default Y.

*** REPEAT for each Overhead Company.

You are now ready to process new fiscal transactions.

Step 6

1. Select menu .7.10.5 Create Overhead Orders.

2. Enter the 2007/2008 Project Number... (e.g. 808000).

3. Enter the 2008/2009 Project Number... (e.g. 809000).

4. Enter the new order date e.g. 01/07/09

5. Enter allocation number if required. (you can simply ask for just the ones that you want if you like, to speed up the process)

   1. Allocate budget - Enter.

   2. Committed Value (total for the coming year to supplier) - Enter.

   3. Brief description - key in new description or press enter.

   4. Any changes? If none, press enter.

   5. The screen will show that a new order has been created. It is an idea to note the order number on the Allocation Report for future reference.

[You should have completed to here prior to 30 June]

Step 7

1. Set 7.12.1 General Ledger Controls : Period Q12 to Working

2. Before commencing, bring the Bank Reconciliation up to date.

3. Project History (Prior to Snap). 7.12.12

4. Trial Balance for current period 7.12.6. Check this for errors and address, in particular, look at Project Liquidity and ensure it is correct.

5. Period Contribution Maintenance for all active projects. This will normally be completed by management, having reviewed each individual project to ensure:-

   1. Variations

   2. Progress Claims

   3. Final Forecast - are all up to date.

Step 8

The next step is .7.10.7 To Transfer "Open Balance" to New Year.

NOTE: This can only be done after you have finalised your Trial Balance and Profit & Loss and Balance Sheet with the last line of the P & L to be allocated = "0".