Understanding the Year-end Process in Actionstep

Modified on Thu, 7 Nov at 11:45 AM

With Actionstep Accounting, data is available within your system indefinitely, which means accounting entries can be run and calculated for the duration of the matter. Because this is an ongoing calculation, no rollover is required. At the start of the new financial year (which is set in your system preferences), any current earnings will be moved to retained earnings.

When completing a year-end closing, it's recommended that you simply just follow the usual month-end process.

If an external accountant does require changes to be made, you can work with them to ensure your Actionstep system is a true reflection of your current financial position. It's likely they will give you general journal entries to post, but if they do not, it means one of two things:

Your bookkeeping is sound.
They are making changes prior to filing your end-of-year results, which they are not giving to you—this would mean your system is incorrect.

NOTE: You can unlock the lockout date when your external accountant requires changes.

CAUTION: Do not amend the Financial Year start date in your system. This represents the start date of the current financial year you were in (or the year containing the first transaction brought over) when you created the system and should never be changed.