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Hello! 2025
- EH Lim
- Dec 31, 2024
- 2 min read
It's time to say goodbye to 2024 and hello to 2025.
If December is your financial year-end month, remember to prepare your financial year-end closing. The year-end (or month-end) tasks include:
posting unposted transactions
stocktaking
reconciling the bank
setting up the closing exchange rate and
managing the financial opening period.
Post the unposted transactions.
Post the inventory-related transactions before you do your stocktake. Posting is essential if December is your financial year-end month so you can continue stocktaking and managing the exchange rate subsequently.
Stocktaking.
From the command menu, select stocktake and then start stocktake. When you begin a stocktake, MoneyWorks creates a snapshot of the quantity. The inventory adjustment is the difference between the new quantity counted and the snapshot.
Bank Reconciliation.
You should perform a foreign currency bank reconciliation before setting a closing exchange rate, as the transactions and balances will affect the exchange translation gain and losses.
Set your closing exchange rate.
You may enter the year-end or month-end closing exchange rate once you are ready to move on to the next financial year (or financial month). Once you update the exchange rate, MoneyWorks will post an exchange journal for foreign currency accounts, such as accounts receivable, accounts payable, and bank accounts.
Manage financial period.
Opening periods are usually automatic unless you have turned off the feature. However, the closing period is manual. MoneyWorks will refuse to open a new period once you hit 90 open periods. You close some of the periods in the earlier financial year to facilitate the opening of the latest period.
For example, you started MoneyWorks in January 2018 and completed the audit and adjustment as of December 2022. You can close the period from January 2018 to December 2022. Once closed, you cannot enter any more transactions into the financial period but can still view the transaction report.
Remember to back up your company file on a local, portable, or cloud drive.
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