End of Financial Year 2025 for Jim2 Customers

The closing the financial year procedure is integral to maintaining an accurate Jim2 database. It is recommended to complete the following tasks when approaching the end of the financial year.

Jim2 is designed to manage up to 2 consecutive financial years before requiring a financial year to be closed. This gives users adequate time to prepare financial information for closing the financial year. If the previous financial year isn’t closed, you will not be able to trade on the first day of your new financial year. To check your active financial years, go to Tools>Options>Accounts.

End of financial year processes are integral to maintaining an accurate Jim2 database.

The following recording guides you through the steps needed to prepare to close a financial year in Jim2, ready to start the new financial year. The session covers:

• Activities for new clients to complete to close their first financial year in Jim2 within 24 periods of going live with Jim2
• End-of-month procedures in Jim2 including finalising stock sold in advance, debtors clean up, job review etc
• Introduction to the Close Previous Financial Year Wizard in Jim2 to rollover your financial year

We recommend adjusting the video quality setting on YouTube to 1080 pxl for the best viewing experience.

Closing the Previous Financial Year

Jim2 Help will guide you through the ‘Close Financial Year’ Wizard in the Jim2 Tools Tab. Visit Jim2 Help to navigate the wizard.

We emphasise that before closing off a financial year, you must contact your accountant to confirm that all Taxation Lodgements and end-of-year General Journals have been completed for the PREVIOUS financial year.

We strongly advise that Jim2 On Premises clients perform a backup of your Jim2 database before you close the financial year. Ensure an Accounts Only backup is performed before trade on 1st July. For Jim2Cloud clients, this will be completed by Happen Business Technical Support. Contact us to schedule the activity for your business.

New Clients:

Please note, that this is particularly important for companies that have implemented Jim2 in the past two years and are closing their FIRST financial year. You must ensure that:

• all General Ledger Opening Balances from your previous system have been entered into Jim2,
• the opening balance debtors and creditors match the General Ledger, and
• the balance in the 3-9999 Historical Balancing account has been brought to zero.

Preparing the Current Financial Year Data in Jim2

Visit the task list outlining each activity that must be actioned to prepare your current financial year in Jim2.

Need assistance from the Jim2 Support Team?

Reach out to our support team with your questions on managing financial years in Jim2.