Check out our webinar that helps you with everything you need to close a financial year in Jim2.
Our Client Success Manager, Ashley guides you through the steps needed to close off a financial year in Jim2, including performing a stocktake, which prepares you for a new financial year.
- Recommended end of month procedures.
- Finalising stock sold in advance.
- Procedures for new Jim2 clients to close their first financial year.
- Preparing for and performing a stocktake in Jim2.
If you need to close a financial year in Jim2, we have you covered.
We recommend adjusting the video quality setting in YouTube to 1080p for the best viewing experience.
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. For users who haven’t closed off the 2020/2021 financial year, you will need to close it prior to commencing trading in the 2022/2023 financial year.
Please note, that this is particularly important for companies that have implemented Jim2 in recent years.
Before you can close off your FIRST financial year in Jim2, you must ensure that:
- all General Ledger Opening Balances from your previous system has 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.
These steps are required before you can close off your first financial year and continue trading.
Jim2.Cloud users must contact our support team to stop your JES instance in order to complete the final step of the closing-off process.
The following links to Jim2 Online Help will guide you through the process.
- If you are closing the Financial Year in Jim2 for the FIRST TIME: Learn about the Close Financial Year Wizard
- Read the recommended End of Financial Year Checklist which commences 1st June: Learn EOFY Process
- Read information on entering your End of Financial Year Adjustments: Learn about End of Year Adjustments
We emphasise that prior to 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.
If you are using the “Post into Future Periods” global variable in Jim2, you are effectively bypassing Jim2’s financial period date control, allowing users to post transactions into any financial year. We strongly recommend that this global variable be deactivated. Please contact the Happen Business Support Team for assistance.
Find additional information at Jim2 Online Help available in the links above. Or contact our support team at:
1300 005 462
+61 02 9570 4696