Financial closing

1. FINANCIAL CLOSING PROCESS
STEPS BEFORE DATA TRANSFERRING
(ANNEXURE A)
(FOR ORACLE ADMINISTRATOR)
STEP 1
1. Run Weighted Average Process.
2. Take database back up.
STEP 2
1. Run pre-definedquerytoremove all accounting heads and inventories heads those have no Opening Balances
and no Transaction during the financial year means no Closing balances. (Trial balance and inventory balance
must be tallied accurately).
2. Data in KT type must be removed after data transfer.
STEP 3
1. All accounting heads’ title and Inventories heads’ title to be transferred to next financial year’s database.
STEP 4
1. Only balances to be transferred on the given closing date. (Closing date to be provided by Accounts
Department).
FOR BALANCE SHEET
1. We require CHECKBOXtotick/pickthose head of accounts we want to transfer. (This process will be applicable
only for the Balance Sheet).
FOR PROFIT & LOSS
1. We again require CHECKBOX to tick/pick those head of accounts we do not want to transfer means only
difference of DEBITANDCREDIT will be transferredasPROFITorRESERVE on the given closing date. (Difference
amount can be transferred to the given head of account provided by me).
(FOR ACCOUNTS DEPARTMENT)
1. All entriesrelatedtoCASH/BANK,SALES,SALES RETURN, PURCHASES, PURCHASE RETURN, IMPORT etc. must be
entered in database related to the financial year.
2. Make sure that all BALANCES in Head of Accounts in database on the defined closing date must be accurately
verified and reconciled as per manual ledgers or workings.
3. Make sure that all BALANCES and RATES of Inventories in database on the defined closing date must be
accurately verified and reconciled as per manual ledgers or workings.
Make sure Trial balance of nextfinancial yearmustbe reconciledaccuratelyandthere shouldnotbe anydifferences
inopening/closingtrial balance.