Year end procedure

In the year end first we close all sites and C & F agent locations, send it to HO for consolidation, once the data is send to HO for finalization Individual data base people are not supposed to do the data entry is there data base, any entry which is require to be done in that location it is to be done at HO only in there data base at HO, and then it goes to consolidate data. Profit and loss account and balance sheet are generated from the systems, group wise, from that profit and loss account and balance sheet we prepare the schedule wise balance sheet and profit and loss account and statutory auditor will verify and finalized the balance sheet and related notes to account. At the time of finalization account prepare the number of audit statements and working of certain data fro finalization of notes to accounts. (List is attached in wish list)

Ones the audit is finalized and published in new papers, we run year end process which make all the income and expenditure account Zero and transfer to profit and loss account site wise, with another process we transfer balance in the profit and loss account of site to HO profit and loss account through unit account. Balance in all individual unit account is transferred to unit control account. All this activity is first carried out at consolidate data then we send the opening balance data to the sites and C & F to update the opening balance at their end.

Once the all data is transferred properly to respective site, and then we close the period so that on body will be allowed to enter the data in that financial year.