Financial Year End

Financial Year End



When preparing to do a financial year end, certain tasks must be finalized before the process can begin. They are:
  • Closing off of all projects which present profit or loss that have to be closed for the financial year
  • Performing all bank reconciliations for all bank accounts, including Money Market and Petty Cash
  • Performing a physical verification of fixed assets (if reflected on the Statement of Financial Position)
  • Performing a physical count and valuation of stock items (if reflected on the Statement of Financial Position), which consists of:
  1. Catering and food stock
  2. Cleaning materials
  3. Maintenance consumables
  4. Postage
  5. Stationery
  6. Tuckshop stock
  7. Workbooks
  8. Other shop stock
Project accounts which represent current assets or current liabilities need to remain active.
Furthermore, the independent audit process needs to be completed for compliance and substantive tests designed to achieve faithful representation (reliability) through:
  • Completeness
  • Accuracy
  • Classification
  • Comparability
  • Variability
  • Timeliness
  • Understandability
After the audit has been completed, the school needs to do the following:
All journals for the year-end need to be posted
The school must ensure that the surplus/deficit reflected on the trial balance corresponds with the audited financial statements

Once these tasks have been completed, and you have received the year's audited financial statements and a copy of the auditor's journals, you can proceed to complete the financial year-end. Before you can do the actual year end, the final tasks to complete are:
  • Posting all open journals, including the opening balances journal.
  • Processing the auditors' journals.
  • Reconciliation of all bank accounts as on the 31st of December of the previous year.

How to process the year-end

  • Click on the year-end button.
  • Step 0: Allows the posting of transactions in the previous financial year
  • Step 1: Block further posting of transactions in the previous financial year
  • Step 2: Here you can indicate that you have handed the final trail balance to your auditors
  • Step 3: Here you can indicate that you have received the audit journals for the year and want to post it. The system will then open the journal function to be posted on 31 December of your applicable financial year
  • Step 4: Here you will be allowed to allocate the net profit/loss to different equity or funds accounts. For example, there are several schools that want to allocate their Hostel's profit into separate accumulated funds account or want funds to be earmarked for specific projects
  • Step 5: You must do this step to post the financial year-end journal to the General Ledger


You can preview all the posted Year End journals by selecting the posted journals on the drop down for " Choose journals"


Should you require assistance with the posting of journals for your financial year-end, please log a ticket with D6 support as we do have partners that assist schools with this specifically.

© Copyright d6 group (Pty) Ltd

    • Related Articles

    • General Ledger Accounts

      The chart of accounts makes up the general ledger of the school where all accounting transactions are stored and summarized. These are needed for the bookkeeping system to successfully operate or function. General ledger accounts are normally ...

    • Admin Year-end Process

      ADMIN YEAR-END PROCESS The Admin Year-end process (roll-over) has to be completed by every school to create records for the learners and staff for next year. The best approach is to start preparing. It is advisable to start this “Admin year-end” ...

    • Admin Year-End

       The Admin Year-end process (roll-over) has to be completed by every school to create records for the learners and staff for next year.   It is advisable to start this process ONLY after final marks have been entered. Unless you are making use of the ...

    • General Ledger Journals

      This function should only be used if you want to post between Ledger accounts and Projects, for example when you want to make corrections, change incorrect postings, or reallocate certain costs. How to create a journal Select the date that you want ...

    • Chart Of Accounts General Ledger

      How to generate the report Choose whether you want to see "active" or "closed" or "all" accounts Choose whether you want to view the accounts according to "Account Number, Account Name, Budget Category or per Budget Head Click on "preview" to ...