What is a year end process and why does it matter?

At this time of year quite a few MyCake users are finishing off their accounts for 2010-11 and want to archive this data. We suggest you use the ‘year end process’ in the tools & reports section and here’s the why and the how of it:

A ‘year end’ process is something that you do once a year once your accountant has finished preparing your books for the tax office. In MyCake you’ll find it in the tools & reports section.

The purpose of a year end process is to take all the data from last year and archive it so that you still have it but the data isn’t being included in any of the reports you run on income or costs where you want just look at the current year.

Think of it as the electronic version of putting the file with all your receipts, invoices and bank statements in the loft!

How to do this in MyCake:

  • Click on ‘tools & reports’
  • Go to ‘general reports’
  • at the bottom you’ll find ‘year end process’
  • enter the date for the year you want to archive … probably the year that your accountant has finished with or that you’ve submitted a self-assessment tax return for
  • the system now wants to create a ‘retained profit’ code for you, the simplest thing to do is allow it to do this automatically but you can do it manually if you wish
  • MyCake will then run the year end process and show you a report of the results. You can download these if you wish or print them out
  • At the bottom of the report you’ll see three tick boxes including one for reversing the process!

And to make it more fun why not make your year end review a morale booster like folks in Canada.

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