This article covers managing two open financial years simultaneously within iplicit. You can open the new financial year while keeping the previous year open for adjustments. You can also rerun the year-end rollover as many times as needed before officially closing the prior year.
Running two financial years simultaneously
iplicit allows you to open and post into both the previous and new financial years at the same time. This means you can continue processing transactions or making adjustments in the prior year without closing it first.
Rerunning the year-end rollover after adjustments
If you need to make post-audit adjustments and rerun the rollover, you must first abandon the existing year-end rollover journals before regenerating them. For full steps on abandoning and rerunning the rollover, see: Why are the brought-forward figures doubling up after the year-end rollover?
Open two financial years
Keep previous year open
Post to last year
Year end adjustments
Rerun year end