End of Financial Year Information for Jim2 Customers in 2026

Jim2 can help make your financial year end a breeze by answering the most common queries asked by businesses trying to close their financial year in Jim2 Business Engine.

Why can’t I post to the Current Year Earnings Account?

You cannot post to the Current Year Earnings account as it is a calculated balance showing the result of the P&L.

• Need more help on the question above? Click through to more Jim2 Help here.

Why can’t I trade in Jim2 in the new financial year?

Jim2 allows for having only two financial years open concurrently. If the previous financial year was not closed in Jim2 before the last day of this financial year, it must be performed before Jim2 will allow you to proceed trading in the new financial year.

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Why can’t I close the financial year – the OK button is greyed out?

Jes (Jim2 eBusiness Server) must be stopped before the financial year can be closed. Jes is typically installed on the same machine as the Jim2 Server and database and is managed using the Jim2 Configuration manager. Furthermore, only one user can be logged on to Jim2 (the person who is closing the financial year) to complete the closure of the financial year selected. All other users must be logged out of the system. Businesses running Jim2 On Premises can complete this action themself while businesses running Jim2Cloud must contact Happen Support to coordinate stepping Jes with the person performing the process in Jim2.

• Need more help on the question above? Click through to more Jim2 Help here.

The Close Financial Year Wizard says there are purchase orders on received. How do I correct this?

On the ribbon in Jim2, go to Purchases > Create PO List with only Received ticked at the top right of the list, and identify those with a vendor invoice date in the financial year to be closed.

• Need more help on the question above? Click through to more Jim2 Help here.

The Close Financial Year Wizard says there is stock sold in advance. How do I find out what it is, then correct this?

On the ribbon, go to Management > Reports > Stock Reports and run the Stock in Advance Liability report up to the end of the financial year being closed.

• Need more help on the question above? Click through to more Jim2 Help here.

There is no stock sold in advance for the year that I’m closing but the warning is still there. What should I do?

Jim2 does not differentiate which year the stock was sold in advance, so it warns that stock is sold in advance in the current year as well as previous years.

• Need more help on the question above? Click through to more Jim2 Help here.

The Close Financial Year Wizard says that there are bank accounts not reconciled but I have reconciled all my active bank and credit card accounts. What should I do?

Review the bank and credit card accounts that are set up in the general ledger, as there may be some old accounts that are no longer used.

• Need more help on the question above? Click through to more Jim2 Help here.

The Close Financial Year Wizard says the Historical Balancing Account is not zero. How do I correct this?

The historical balancing account indicates that the general ledger account opening balance debits and credits are out of balance by this amount.

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The Close Financial Year Wizard says that the opening balance debtors/creditors do not match the general ledger. How do I correct this?

There are two opening balances on the trade debtors and trade creditors general ledger control accounts. These figures must match before closing the first financial year in Jim2.

• Need more help on the question above? Click through to more Jim2 Help here.

The Close Financial Year Wizard says I should do a backup before closing off the financial year. Is this necessary?

It is important to make a backup of the Jim2 database immediately before closing a financial year. This is because Jim2 is a live system, meaning some areas of Jim2 cannot be backdated. Jim2Cloud customers do not need to worry about backups as they are routinely taken by the Happen Technical Team tasked with managing Jim2Cloud performance.

• Need more help on the questions above? Click through to more Jim2 Help here.

For assistance working through the Financial Year process in Jim2, continue reading the resources below and contact the Happen Support team to troubleshoot your queries by calling +61 1300 005 462 or +61 2 9570 4696, or emailing support@happen.biz.

Jim2 Support Resources

Financial Year End – Webinar To Watch

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
• Introduction to the Close Previous Financial Year Wizard in Jim2 to rollover your financial year
• End-of-month procedures in Jim2 including finalising stock sold in advance, debtors clean up, job review, and more

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

Closing the Previous Financial Year Instructions

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 Lodgments 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 recent 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.