OASIS FINANCE

End Of Year

OASIS EXTRAS
199 Douglas Close
CARWOOL NSW 2620
Postal: PO Box 1048
Queanbeyan 2620
Phone: (02) 6238 2663
Fax: (02) 6238 2664
Mobile: (0428) 452265

OASIS FINANCE

End Of Year

• Overview
• Tutorial Manual
• Preparation
• End of Year Procedure - Part 1
• Correcting Errors
• End of Year Procedure Part 2
• Afterwards
• Appendix

Overview

At the end of each financial year OASIS Finance needs to have a set of procedures run known as the End Of Year. The End of Year procedure:

• Resets all income and expenditure accounts to have a zero balance
• Adds the difference between the expenditure and income accounts to the Retained Earnings account.
• Deletes all completed Debtor and Creditor transactions (i.e. those fully paid and all sundry receipt transactions)
• Places unreconciled receipts and payments in the 'Last Year' file.
• Transfers a copy of the account data into the 00 - Backup account for archiving purposes.
• Prints a summary management report of the process.

Tutorial Manual

The tutorial contained in chapter 12 of OASIS Finance Tutorial manual is an excellent guide to the End of Year procedures. You should note the following differences:

• It is not necessary to Invoice student prepayments. The Catholic version of OASIS carries these transactions forward to the next year.
• The report names listed are the OASIS version 1 names. OASIS version 2 equivalents are listed in these notes.
• It is essential to perform the additional step to change the Income/Expenditure account type immediately before the rollover. Failing to do so will result in any invoices in Income/Expenditure dissections being deleted and incorrect calculation of the Retained Earnings figure.

Caution

If the OASIS Finance End of Year Rollover is being performed AFTER the actual date used for the rollover, you should set the computer’s date back to the rollover date for the duration of the rollover process. This will ensure that any receipts you may need to process as part of the rollover will be dated in last year. If you do not set the date back, the receipts will be carried over into the next financial year and will NOT be included in the Retained Earnings calculation.

When processing payments that are to be included in the current (last) year, ensure they are dated before the rollover date.

Preparation

Most of this preparation can be done well in advance.

1. Make sure you have lots of time! The End of Year procedure will take several hours to complete. Once you start the End of Year procedure proper, you cannot do any other OASIS finance work until the End of Year procedure has been completed.
2. Ensure you have at least 5Mb free disk space (10Mb if a large school). Check by selecting option I3 - Show Disk Space.
3. Credit journal any invoices which are to be written off.
   Use report FINANCE 7 Outstanding Invoices by Subdissection to list all outstanding student invoices and Credit Journal any which are to be canceled.
4. Ensure that any other pending adjustment batches have been posted or are cleared.
   Credit Journal and Cancel Receipt batches must be cleared. Proposed Fees and Ad Hoc Fee batches do not need to be cleared.
5. Clear out the Income/Expenditure accounts. These are the dissections which begin with 9.
   Note: It is not possible to simply transfer funds from the 900 series accounts to Income or Expenditure accounts. A claim voucher (BANK) must be made out to make a payment (effectively drawing yourself a cheque) and then this is receipted back into OASIS Finance into the appropriate dissection as Not For Banking. Refer to the exercises in Chapter 12 of the OASIS Finance Tutorial Exercises Manual for a specific example of this process.

900-010 Banking discrepancies.	If in credit, make a payment from 900-010 Banking Discrepancies and receipt the funds into 049-030 Bank Interest - Bank charges/Errors. If in debit, make a payment from 049-030 Bank interest - Bank Charges/Errors and receipt the funds into 900-010 Banking discrepancies.
910-010 Tuition Fees 920-010 Building fund Levy	Clear both of these accounts by making a payment from each dissection to the total amount in each dissection.
999-??? Investment	All investments must be receipted back into the investment Subdissection to make the value of the Subdissection zero so that the value of the investment will be included in the Retained Earnings calculation. After the End of Year process has completed, the investment is ‘paid out’ again to restore the status quo.

6. Ensure the Cash Register has been posted and Banking has been completed.
7. Ensure that all dissection reports required from this year's accounts have been made, specifically Print the Budget Performance Report F5/E5.
   Note: Summary reports can be printed from the archive account but transaction reports cannot since 'completed' transactions are deleted during the end of year procedure.
8. Advise your support person in advance when you plan to do this rollover so they can ensure that they will be available to assist you. In particular, you will need to get the password of the day to perform step 3 below.

End of Year Procedure

1. K1 - Backup OASIS. If a problem occurs during the End of Year Procedure it will be possible to recover OASIS to this point.
2. Perform a Special Finance Archive using A5/B1. Refer to Appendix A for more details.
3. Change Income/Expenditure (I\E) Account type to Income (INC). Use D4/J5 - Account types. You will need the Password of the day to access this option.
4. Perform a final Bank Reconciliation D4/B1..B5. This step is essential and must be done just before the End of Year procedure even if you have already done a Bank Reconciliation recently.
5. Commence the End of Year Procedure by selecting Finance Reports/Setup - K2 End of Year.

Then press B to Begin the End of Year Sequence.

Correcting Errors

More likely than not there will be one or more errors which will need to be corrected before the End of Year Procedure can commence. Most of the error messages are self explanatory and the solution is self evident, but some are not.

Bank Deposit Sheet needs to be run

Banking has not been completed. Select D4/A1 Setup/Reports - Banking.

Batch contains Data

A batch of transactions has been entered but the transactions have not been posted. Either Reset the batch using D4/L3 Setup/Reports - Reset Batches or Post the batch.

Retained Earnings Dissection not Defined

This error means that no Dissection has been entered to receive the Opening Balance for the start of next year, or the Account type range for this account has not been set to be type R. The Standard dissection for Retained earnings is 000-010.

When all errors have been corrected, start the End of Year process again at step 4.

End of Year Continued

1. Press Escape to continue with the End of Year procedure

Note: The Archive process does not use floppy disks. It is the subsequent Archive Account Backup which requires the floppy disks. Because the data files are compressed before they are written to floppy disk, the amount of disk space required will be much less than is indicated here. Only one disk should be needed to make a backup of the archive account.

2. Press A to continue with the Archive account process

3. You will be prompted for an archive date. Enter 31/01/99. The date entered must be the last day in a month.

4. Enter the reconciled bank balance for the end of the financial year.

Type in the actual bank balance as shown on the final Bank Reconciliation statement.

Note: This will invariably not be the same as the retained earnings figure since there will be unpresented cheques and other outstanding transactions at the year end.

The message:

Will be displayed while the current year's transactions are copied into the archive account 00.

5. Press Escape to continue.

6. Press E to commence the End of Year process.

7. Press C to confirm continuation of the End of Year process.

The various steps of the End of Year process will be highlighted in turn as each step is performed.

The following Annual Rollover Report will be produced.

8. Press Escape to continue.

After End of Year process

1. Restore the Account Type of Income/Expenditure dissections. D4/J5 - Account types
2. Re-enter Investments. If you have investment accounts (usually 999-???), process Claim Voucher(s) to pay out the value of any investment accounts. The investments were receipted back into the subdissections to zero them so that the value of the investments would be included in the Retained earnings. This step restores that investment account(s) to the previous status.
3. Backup OASIS Data. Use standard data backup, K1
4. Backup the Archive account twice to two separate floppy disks G1/E1 Finance Utilities - Backup Archive Account and then remove the Archive account from the hard disk G1/E2 Finance Utilities - Remove Archive. The Archive account can be restored from the floppy disk backup if reports from last year’s data should be required.
5. Bank Reconciliation. Perform a New Year Bank Reconciliation to confirm the status of the General account.

Appendix

A. Special Archive

The Special Archive process makes a complete backup of all OASIS data files and allows this backup to be restored to the Palm Tree Central directories. This will allow you to interrogate last year’s OASIS data by accessing the tutorial options.

The backup is made in two separate steps, once for the Administration Archive, the second for the Finance Archive. The two steps are necessary since the Administration rollover is typically performed in December while the Finance rollover is not done until late January. The combined archive file is compatible with the archive file produced in previous years. The Archive file is stored both on the hard disk and on floppy disk.

Admin Archive

Select A5/B1 User Menu - EOY Archive

You will be prompted:

<A>dministration Only, <F>inance Only or <Q>uit?

Press <A> to Archive the OASIS administration files or <F> to Archive the OASIS finance files.

The Administration files Archive must have been done before the Finance Archive can occur.

If an Administration Archive has been performed previously your will be prompted:

EOY Archive already exists on hard disk. Replace it?

<Y> will overwrite the existing Administration Archive (careful!), <N> will abandon the procedure.

Insert EOY Complete Archive disk in Floppy Drive
Press a key to continue with the Archive.

If an Administration Archive has been written to this floppy disk previously, you will be prompted:

EOY Archive already exists on floppy disk. Delete it?

If you answer <Y> the Administration archive on the floppy disk will be overwritten.

Creating EOY Archive of Administration data files to floppy disk...

Remove this disk and store it in a safe place

It will be needed again when you perform the Finance EOY Archive

The process will then be repeated to produce a duplicate copy of the Archive floppy disk for the CEO (Applicable to Canberra schools only)

Finance Archive

The Finance data is added to an existing Administration Archive as part of the Finance rollover procedure. The Administration Archive MUST have been performed first. To ensure that the archive contains both Administration and Finance Archive data, you will not be permitted to do the finance archive unless the hard disk and the floppy disk already have an existing Administration Archive.

If the Administration Archive has not yet been performed, the following error will result:

EOY Archive does not yet exist on hard disk.
Perform Administration Archive First

Otherwise, the Finance archive will proceed.:

Creating EOY Archive of Finance data files to hard disk...

Insert EOY Complete Archive disk in Floppy Drive.

If the floppy disk inserted does not contain an Administration Archive the following error will result:

EOY Archive does not yet exist on floppy disk.
Perform Administration Archive First.

The process will then be repeated to write the Finance Archive to the duplicate copy of the Archive floppy disk for the CEO (Applicable to Canberra schools only)

Recovering Special Archive to Palm Tree Central

1. Select A5/B2 - Recover EOY Archive

2. <H>ard disk, will recover the archive data from the compressed file on the hard disk.

<F>loppy disk, will recover the archive data from a floppy disk.

The hard disk archive contains last year’s archive data. Normally you will only need to use the <F>loppy disk option if you wish to recover to a prior year’s archive.

3. Rebuild the Tutorial directory indexes. Z2 - Rebuild Tutorial data.

4. Access the prior year’s OASIS data by selecting the Palm Tree Central menu options.