At the start of a new financial year, you need to follow these steps: Create a new fiscal year → Reload the accounting data from your accounting software → Import the group chart of accounts → Reconcile balance accounts → Adjust eliminations.
Create a new financial year
Navigate to the group consolidation tool.
Select the "Settings" tab and then the "Fiscal year" sub-tab. Click on the "New fiscal year" button.
Then enter the fiscal year and click "Add new".
Create a new group financial statement
Create a new group financial statement (monthly, quarterly, tertial, or annual) for the new financial year. Click on the "Settings" tab and then the "Fiscal year period" sub-tab. Finally, click on the "Fiscal year period" button.
Then select the fiscal year, period type, and period, and click "Save".
The next step is to import the accounting data.
Reload the accounting data from the previous financial year
At the start of a new financial year, it's essential to reload updated accounting data that includes all closing transactions and adjustments.
This step can be done later when the company's financial statement is finalized. Note that some values may not be displayed correctly.
Click the "Legal Accounting" tab and then the "Upload accounting files" button.
Then select all SIE files for each company and click on the "Upload accounting files" button when the status shows "Ready for upload".
Next, click the "Accounting data" tab and the "Import corporate accounting" button.
Load the accounting data for the new financial year. Repeat the above process for the new financial year.
Import the group chart of accounts
Navigate to the "Accounting plan" tab and the "Accounting plan" sub-tab. Click on the arrow next to the "New group account" button and select the option "Import corporate from other fiscal year".
Choose the year you want to import from and click "Save". If no accounts are visible, try toggling the date in the dropdown menu.
Reconcile balance accounts
Navigate to "Legal Accounting" and the "Reconciliation balance" sub-tab.
Synchronize opening balances
After making changes in the previous year's accounting, such as closing entries, comments from the auditor, or corrections, synchronize the opening balances.
When synchronizing the opening balance, eliminations are transferred to the new financial year, and any differences are corrected. It would be best if you only synchronized the opening balance when changes in the previous year's accounting need to be carried over to the current year since a transaction is performed in the system each time a correction is made. The "Synchronize OB" button will only appear when there is a difference between the opening balances of the years.
Scroll down and click the "Synchronize OB" button.
Rebook the year's results
Rebook the year's results in regular accounting for all subsidiary and parent companies. Then create manual eliminations where you rebook the year's results using the group consolidation tool.
Transfer UB for the eliminations to the following year's IB eliminations (balance accounts)
In some cases, adjustments may be necessary for eliminations. Navigate to the "Legal Accounting" tab and the "Adjust Eliminations for Financial Year" sub-tab. Scroll down and make the eliminations, then click "Save".
Don't hesitate to reach out to the support if you need assistance!