Year End Process - Frequently Asked Questions

Year End Process - Frequently Asked Questions


1. What is a year end process ?
Accounting period in India can start on any day of a calendar year but has twelve consecutive months (52 consecutive weeks) at the end of which account books are closed, profit or loss is computed, and financial reports are prepared for filing. It may or may not match a calendar year. For India, Financial year is from April 1st to March 31st.

2. How to do year end process in RPOS7
Year End process in GoFrugal RPOS7 is very simple and must be done only in SERVER. On April 1st, when you open the application, you will get a confirmation message to process year end. Click on YES to complete the year end - application will restart automatically. You can then login into your RPOS7 and make transactions. The transactions series will begin from 1.




3. How to do Year End process in TRAC?
After RPOS7 year end, you will be able to do transactions but if you want to carry forward previous years accounts data in TRAC, year end must be done in TRAC also.

Follow the below steps :

  • Open TRAC : Accounts--> Financial Accounting
  • Process-->Year End Process
  • Check the current financial year and new financial year and click "YearEnd"

 

4. Is it mandatory to do the year end process in TRAC to do billing in POS?

No. TRAC year end can be done later also. TRAC year end will carry forward the outstandings/pending of previous financial year as opening balance to the new financial year. After POS year end, you can continue with the billing and TRAC year end can also be done later.


5. What will happen to my bill series after year end process ?
The bill series for all the transactions will start from 1 by default. 

6. I want to continue using the same bill sequence number series. Is it possible ?
However, it is not advised to continue using same bill series after year end. But if customers want so, there is a one time critical configuration that needs to be enabled.

 

7. Is it possible to edit my previous year transactions?

We have given an option in Year End Process to lock the previous year data. If you haven't selected "lock the previous year data" during year end in accounts, You can do the changes in previous year transaction in TRAC. After making changes, you must re-do year end to carry forward the balances to the new financial year.

 

 

8. My last financial year details and balances are not there in new year data. Why ?

Year end process may not be done in TRAC, So that previous financial year balances are not carried forward to current financial year. Need to complete year end process in TRAC and check that the old balances are carried forward to current financial year.

Note : Pending transactions will only carry forward to new financial year TRAC. If you want to see the old year settled data means, change the financial year in Trac and you will be able to see the last year data.

 

9. Is it possible to do year end process on any day after the new financial year started? 

Yes. Whenever you open RPOS7 for first time in new financial year, it will ask for year end process. So you can do at that time and proceed. Without completing year end process, you will not be able to make bills in the new financial year.

 

10. I don't want to do year end, but want to continue billing since I have to enter many pending bills. How can I do that ?

Change the computer system date to any day before April 1 (in previous financial year) and you will be able to make transactions that will be saved corresponding to that date.

PS: This is not advised by GoFrugal.

 

11. I want to edit transactions made in last financial year. Can I do that ?

Yes, you can change the system date to previous financial year and login to the application, Make changes in transactions, And then relogin with current date. 

It is advised to do year end in TRAC after making any changes so that the exact data gets carried to the new financial year.

 

12. What happens to the balances of Supplier/Customer after year begin?

Once the year end is completed in RPOS, you can do year end in TRAC.
After year end is done in TRAC, the closing balance of Supplier/Customer from previous financial year is transferred as Opening balance of Current Financial year.
If year end is not done in TRAC, the balance will be shown as 0 in new financial year. 

13. How to skip my last year accounts details and start using TRAC accounts with fresh ledgers?

If you want to start fresh with respect to accounts, No need to do Year End process in accounts. Just choose current financial year (new) and start doing transactions. All the ledgers will be fresh and TRAC wont carry forward last year data into the new financial year.

14. I want to freshly start using software from this new financial year. Is that possible ?

Yes, if you don't want any previous transactions, you can do practice data clean up. This will delete all the transactions, balances etc. but can retain masters and print design. Check the self help video here


15. Is it possible to set customized starting bill prefix after year begin?
Yes. You can set it using bill prefix master Sales -> Masters -> Bill Prefix. Help video - https://www.youtube.com/watch?v=klR0lTAQ5N4
Note : It is available in professional edition for free and as a custom license for other editions.

16. Can a specific transaction be transferred to the new/next financial year?
Sorry. It is not Possible to transfer particular ledger type or balance from old year data. GoFrugal TRAC year begin process will transfer all your debit and credit balances to new financial year

17. Where do I need to edit my ledger's opening balance, in last year or in new year?
Irrespective of any financial year, follow these steps - In GoFrugal Trac -> Masters -> Opening Balance Entry. Here you can change/enter the opening ledger balance for a particular ledger. Help video : https://www.youtube.com/watch?v=5XBiW2RtscI

18. I want to change my GST type to composite after year end.
After doing year end, before making any transactions, please change the registration type in Tools--> Masters--> Registration Master. Watch this self help video - https://www.youtube.com/watch?v=FKKzsBBOYqI


19. As of now I have registered as composite GST type. I want to change my GST type to Regular/Unregistered after year end. Is it possible ?
Yes, after doing year end, before making any transactions, please change the registration type in tools--> Masters--> Registration master. Watch this self help video - https://www.youtube.com/watch?v=So62rkcZJkQ
Choose your preferred registration type and save the changes.

20. After year end, all my customer/suppliers outstanding is shown as ZERO. Why ?
It is because you haven't done year end process in TRAC. Only after year end, the previous year's balances will be carry forwarded to the new financial year.

21. How do I see customer outstanding balance as on date ?
Please goto Accounts ->Report -> Outstanding -> Outstanding Reports -> Customer wise outstanding summary based on date</div>

22. What will happen to my creditors and debtors balance after year begin?
All the debit and credit balance will be carry forwarded to the new financial year once the year begin process is completed in GoFrugal TRAC.

23. How will I take returns of old year goods in the new financial year. Will the year end process affect that ?
The return process is the same and year end will not affect return transactions. You can do the sale/purchase return as usual.

24. I want to take stock count and do physical inventory. How to do in the software ?
Please check our help document - https://community.gofrugal.com/support/gofrugal/Physical-Inventory.html

25. Can we do the year end process in client ?
No. You have to do the year end process in server and then continue making transactions in client.

26. While making backdated entry by changing system date, is it possible to make current financial year bills in one counter and back dated entry in other counters ?
By default, all the counters will fetch the server's date and time. So at any given time, you can change the server's system date/time and do billing in all counters.


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