Close Books for Financial Year 2018-2019

This is a step-by-step guide to help you understand how you can perform Close Books in LOGIC ERP.

Close Books-Auto Mode

This option will work only for a customer using Logic ERP application other than Logic Enterprise

When you login in the software on or after 1st April and you haven’t performed close books, then close books window will automatically open prompting you to perform close books before using the software. You can also click on cancel to continue work in the previous year and later perform close books.

Step-1 Open the software & login with your admin account on or after 1st April

login screen

**Please read following options carefully.

  1. Transfer Account Balance: Select this option to transfer the account balance data to next year. If not ticked, then A/C Balance will not go to the next year.
    • Transfer Opening Balance Only: Bill receivable/payable will be posted as Opening Balance, not Bill Wise.
    • Transfer BR/BP Bill Wise: This option will transfer Bills receivable/payable to next financial bill wise
  2. Stock Transfer: Select the option to transfer the stock data.
  3. Transfer -ve Stock: If there’s -ve stock that you want to transfer to next financial year, then select this option.
  4. Start Bill Series With Zero: This option will be already ticked. It will start the Bill Series from zero in the next financial year.

Close Books Screen

Step-3 Click on Start Close Books button. A ‘Warning Message Box’ will appear.

Make sure to carefully check the New Financial Year details. It should be 2019-2020.

CloseBook-StartCloseBookProcess

After that, click on the Yes button.

Close Books processing will start.

CloseBook-CloseBookProcessStarted

Step-4 After the processing is complete, click on OK button.

CloseBook-ProcessFinished

Now, when you will log in into your software again, you will notice that the financial year has changed.

FinancialYearChanged

Update Zero Record in New Financial Year

You need to update certain tables in new financial year before start working in the new financial year. Please follow the below steps:

Step-1 Login into the software in the new financial year.

Step-2 Now, Go to  ‘Utilities>General Utilities‘ window.

Step-3 Click on ‘Update 0 Records in New Fin Year‘ button and wait for the process to finish.

update zero record screen

**There is no need to perform Stock Re-Construction when Close Books are performed in Auto Mode

Performing Close Books-Manually

Step-1 Open the software & login with your admin account.

LoginToYourAccount

Step-2 Go to Utilities & click on Close Books option.

OpenCloseBooks

Step-3 Close Books window will open. You will notice the following options:

**Please read following options carefully.

  1. Transfer Account Balance: Select this option to transfer the account balance data to next year. If not ticked, then A/C Balance will not go to the next year.
    • Transfer Opening Balance Only: Bill receivable/payable will be posted as Opening Balance, not Bill Wise.
    • Transfer BR/BP Bill Wise: This option will transfer Bills receivable/payable to next financial bill wise
  2. Stock Transfer: Select the option to transfer the stock data.
  3. Transfer -ve Stock: If there’s -ve stock that you want to transfer to next financial year, then select this option.
  4. Start Bill Series With Zero: This option will be already ticked. It will start the Bill Series from zero in the next financial year.

Close-Books

Step-4 Click on Start Close Books button. A ‘Warning Message Box’ will appear.

Make sure to carefully check the New Financial Year details. It should be 2019-2020.

CloseBook-CheckFinYear

After that, click on the Yes button.

Close Books processing will start.

CloseBook-ProcessStart

Step-5 After the processing is complete, click on OK button.

CloseBook-ProcessComplete

Now, when you will log in into your software again, you will notice that the financial year has changed.

FinancialYearChanged

Update Zero Record in New Financial Year

You need to update certain tables in the new financial year before start working on them. Please follow the below steps:

Step-1 Login into the software in the new financial year.

Step-2 Now, Go to  ‘Utilities>General Utilities‘ window.

Step-3 Click on ‘Update 0 Records in New Fin Year‘ button and wait for the process to finish.

update zero record screen

Stock Re-Construction

After performing close books you have to do Stock Re-Construction in the new financial year. To know how to perform Stock Re-Construction, please click on the below link:

Perform Stock Re-Construction in Logic ERP

Performing Close Books again

In case you do any changes in previous years data after you performed close books, then you have to perform the Close Books procedure again.

Make sure you choose the correct financial year i.e., 2018-19,( which is your previous financial year)

Follow the given steps to know how to perform close books again:

Step-1 Log in with your admin account in the financial year 2018-19. Then open Close Books. Select the options in which you need the changes and make sure to untick the “Start Bill Series with Zero” option. Then click on Yes button to close books again.

CloseBook-ClosingBookAgain

Step-2 A new warning message will appear asking you to update the table structure. Click on No Button (it’s not required because table structure is already updated when you performed close books for the first time).

CloseBook-DoNotUpdateTables

Step-3 Changes that will occur in the Stock of 2018-19 will also affect the Stock of the Year 2019-20. Click on Yes button to begin Close Books process.

CloseBook-ChangesInStockTransfer

After the close books process finishes, click on the Ok button.

CloseBook-ProcessFinish

For any assistance please Contact Us

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