How do I start the new financial year in Scribe?

You can create the new financial year in Scribe at any time, and this is often done around budgeting season in order to enter the draft budget figures for the next financial year. However, you can choose to complete this process closer to Year End.

 

Add the New Financial Year

• Navigate to menu Setup → Financial Years
• Click on the blue '+' symbol or select 'Edit' → 'Add Record'.
• Scribe will automatically prefill the Alias and dates to the next financial year. Click 'Add'.
• Once completed, this year will be available in the drop-down box at the login screen.

 

Copy the Structure of the Accounts

Make sure you're logged into the new year for this step.

• Navigate to menu Setup → Copy from Previous Year to select what to transfer.
• You will see several options.
• Check the records you want to transfer. The 'Bank Accounts' and 'Reserves' option only copies the names of the records and won't copy any figures at this point (this can be done separately after 31st March once finalised).
• It's advisable to copy all records unless you plan on significantly changing the setup, wherein it might be easier to start anew (like the Cost Centre/Cost Code structure).
• After the records are copied, you can edit or delete them before entering transactions as no data will be held against them in the new year.

 

Bring Forward Balances from the Previous Year

This should be done after 31st March when all data for the previous year has been entered and figures finalised.

• After reconciling bank accounts to the 31st March and confirming the accurate end of year position for VAT, reserves, assets and borrowings, you can transfer these across to the new financial year.
• Navigate to Setup → Bring Forward Balances, check the boxes, and click 'Copy' (you must have completed stage 2 above so that the bank account details exist).

 

Copy Year End Data to the New Financial Year

While this step isn't necessary to start inputting data in the new financial year, it can be completed once the year end accounts have been finalised. Ensure you are in the previous financial year.

• This is part of the 'Close Accounts' process, which locks down the data so it can't be edited (although the year can be reopened if necessary).
• Navigate to menu Year End → Close Accounts (in the previous year).
• Check all boxes to close the accounts, copy forward annual returns data and copy forward income & expenditure data (for I&E only). Click 'Confirm'.

After completing these stages, the previous year will be finalised and closed, and all necessary data for the new year will have been transferred. Typically, there should be no need to reopen the previous year's accounts, but if the auditor requires restatement of the accounts, the year can easily be reopened and any changes made and copied over. (Repeating the copy process will replace the data with any changes made).

 

You can also watch our Scribe Bytesize video below, which guides you through setting up your new financial year