Pastel Year end

[TravisZA]

Hi guys,

Just looking for some tips. Obviously with year end yesterday and everyone trying to close their accounts I was wondering how best to deal with this in Pastel from a close out point of view.

Naturally not everything is ready to be recorded today, and some things roll in over the next couple of days - how do you guys deal with March 2016 items? Just leave until you've rolled over the accounts for the year?

[Neville Bailey]

Period 13 is the solution here!

Pastel allows you to create a 13th financial period for exactly this scenario.

If you have Period 13 enabled, you only need to run your year-end process by the latest end March 2016. This means that you can continue your February 2016 (Period 12) transactions, as well as process your March 2016 (Period 13) transactions.

Once you have run your year-end, during or at the end of March, all your Period 13 transactions will be reassigned to Period 1 of the new financial year.

Important note: You can set up 13 periods under Setup...Periods. It is critical that you tick the option named "Use Last Period as First Period of Next Year".

[SoTrue]

I can't believe that Pastel still require a "year-end process", it is such an old-fashioned concept. Since it allows Period 13, why not Period 14, 15, 16?

[TravisZA]

Period 13 is the solution here!

Pastel allows you to create a 13th financial period for exactly this scenario.

If you have Period 13 enabled, you only need to run your year-end process by the latest end March 2016. This means that you can continue your February 2016 (Period 12) transactions, as well as process your March 2016 (Period 13) transactions.

Once you have run your year-end, during or at the end of March, all your Period 13 transactions will be reassigned to Period 1 of the new financial year.

Important note: You can set up 13 periods under Setup...Periods. It is critical that you tick the option named "Use Last Period as First Period of Next Year".

Neville to the rescue again! Thanks, so easy but I unlikely I would have found this.