3) Finance (Ledger) Rollover WEB 2024

This process will roll your Ledger from 2024 to 2025.

Please read through the instructions before commencing the end of year rollover.

1. General Information

1.1	Important: Debtors rollover must have been completed before starting the process to roll the ledger.
1.2	Please complete from 1. General Information to 9. Print/Save Reports for all Entities (for those school that have multiple Entities) before backing up the Ledger and creating a snapshot.
1.3	Path: Ledger Overview>General Ledger>Ledger End of Period Make sure your database is in the last period of your Ledger before rolling. If your database is not in the last period, then complete a Ledger End of Month until you are in the last period in the Ledger. Refresh the screen after each end of month is processed. Ledger End of Period Instructions
1.4	Path: Ledger Overview>Control Files>Backup/Restore Ledger Check that you have backup/restore ledger option available. Please email support if you do not have the Backup Ledger option showing.
1.5	Non hosted schools - check that you have sufficient space on the school's server before commencing this process. We suggest more than 100gb of space.
1.6	Make sure all staff other than the person rolling the ledger is logged out of the software.
1.7	Make sure you are on the latest available version of FACTS SM Program Updates - FACTS School Management

We recommend that you rollover the general ledger as soon as possible after the Debtor Module has been rolled.

This keeps figures current, providing accurate and timely management reports.
When adjustments, including audit adjustments need to be made, the batch can be finalised into the prior year by selecting Finalise into a period in the Previous Year.
Reports can still be printed/reprinted as needed.

If the Ledger is not rolled, processing can still be done, and batches finalised into Pend the batch for finalisation in the Next Year.
Please check what period you are selecting with this option as they will be automatically finalised when the ledger rolls.

2. GST

The GST File will not be affected by the ledger rollover as this is date driven and not period driven. GST file is only affected once you have finalised the GST.

3. Asset Module

The Asset Module will not be affected by the ledger rollover. You will still be able to run your depreciation after the rollover. Best practice is to back up the Asset Module before running the depreciation. Once you have run the depreciation for December, print/save reports (Depreciation and Asset Listing Reports) before entering any assets for the new year.

4. Payroll

Payroll continues as usual. This will only be a Month End. Finalise all payroll batches with a January 2025 date into Pending January Next Year if processed before the End of Year Ledger rollover. Reports will need to be printed/saved. Refer to: 8. Print/Save Reports

5. Creditors

5.1	Make sure you have no outstanding Creditor Invoices other than those dated in 2024. All dissections from previous years will be removed when the ledger is rolled. Creditor Processing Instructions
5.2	To remove invoices with an outstanding date earlier than 2024: Create a negative Invoice for the invoice that needs to be reversed - amount/s and payment method must be the same - EL, CH or BPAY. Path: Creditor Overview>Creditor Invoice Entry
5.3	Select the invoices - invoices should match exactly in order to cancel each other out.
5.4	Process both invoices for payment. This will create a zero batch and no records in Payment Execution screen. Path: Creditor Overview>Creditor Payment Selection
5.5	Process the reversed invoice/s with a 2024 date.
	Reconciling Creditors Creditor reports are a point in time. As you continue to process, these reports will continue to update. There are no creditor reports that give you a snapshot as of 31 December. It is recommended to enter all invoices for December only then print/save the reports below before you begin to enter invoices or process payments for the next year.
5.6	Print the Creditor Reconciliation Report which should show zero variance to the Ledger.
5.7	Print the Aged Creditor Report which should agree to your Creditor Reconciliation Report.
5.8	Check your Trial Balance is in balance.

Creditor Reconciliation and Aged Debtor Report example:

6. Ledger

6.1

Check all batches are finalised or pended for finalisation in the Next Year

Path: Ledger Overview>Ledger Transactions

7. Bank Reconciliation

7.1	For all Bank Accounts: Check the dates of the unpresented transactions to make sure you have no unpresented transactions dated 2023 or older. (Run an Unpresented Listing Report) If you do you will need to cancel these transactions because they will be automatically removed when the Ledger rolls. Path: Ledger Overview>Bank Reconciliation>Bank Presented/Unpresented Listing
	Removal of Transactions
7.2	If the transaction is a cheque please cancel - Cancel Cheque
7.3	For all other transactions process a journal (from your Bank Account to an Expense Code)
7.4	Then present the old transaction against the new transaction to remove it from your Bank Statement with the exception of the cancelled cheque which will be removed when you process the pay cancel transaction. You can then reissue the payment etc. with the date in the current year.
7.5	Reconciling Bank Reconciliation Entry to Bank Reconciliation Report These reports must balance - Reconciliation Troubleshooting Help Article See example below:
7.6	Print the latest Bank Reconciliation Statement. (For All Bank Accounts) Path: Ledger Overview>Bank Reconciliation>Bank Reconciliation Entry
7.7	Print the Bank Reconciliation Ledger Report. (For All Bank Accounts)

8. Trial Balance

8.1

Please check the Trial Balance is in balance.

Path: Financial Dashboard>Reports>Ledger Trial Balance

9. Print/Save Reports

It is essential to print and/or save the following reports before Rolling the Ledger, as they provide an overview/detail of the transactions processed throughout the year.

Before printing/saving please ensure these reports balance.

9.1	Trial Balance Report - Print/save for each month in the current year and December of the previous year.
9.2	Income and Expenditure Report (P&L) - Print/save for each month in the current year and December of the previous year.
9.3	Balance Sheet - Print/save for each month of the current year and December of the previous year.
9.4	Bank Reconciliation Statement (All Bank Accounts) - Print/save.
9.5	Bank Reconciliation Ledger Report (All Bank Accounts) - Print/save.
9.6	Creditor Reconciliation Report - Print/save.
9.7	Aged Creditor Report - Print/save.
9.8	Outstanding Creditors @ To Date - Print/save.
9.9	Ledger Transaction Listing Report - Print/save for the current and previous year.
9.10	Ledger Batch Report - Print/save for current year.
9.11	Payroll Employee Accruals Report as at the last payroll in December - Print/save.
9.12	Payroll Transaction Report by Employee - Print/save with the select dates 01/01/2018 - 31/12/2018 as this year will not show on payroll transaction reports when the ledger rolls.

10. Ledger Backup

10.1	Path Ledger Overview>Housekeeping>Backup
10.2	Click on [SELECT ALL] button. This will push all the tables to the right-hand side of the screen.
10.3	Click [EXPORT]
10.4	The Reason for Backup Restore box will appear - Type in EOY Ledger Rollover the click [SAVE] button. This process may take some time depending on the size of your school, number of families and other debtors. The file will save to your Download area. Note - you can then save this file to another location as per school requirements.

11. Create the Ledger Snapshot

11.1	SQL Backup (just before rolling) If you have an on-premises solution then get your IT to do a SQL backup just before rolling. If you are hosted your database will already be backed up.
11.2	Ensure everyone is logged out of FACTS School Management - Make sure everyone is logged out and not using FACTS before continuing to the next steps.
11.3	Ensure batches are finalised - make sure your batches are finalised or pending.
11.4	Create a snapshot - This is a copy of your database. If you have multiple entities, this process takes a snapshot of all entities. Path: Ledger Overview>General Ledger>Ledger End of Period
11.5	Batches pending finalisation in 2025 will be displayed. Check they are finalising into the correct period in 2025.
11.6	Click on [CREATE DATABASE SNAPSHOT] - this will take a copy of the database as it stands today.
11.7	The page will load to name the snapshot. The Snapshot DB Name will default to FIN2024 (do not change this).
11.8	Click on [START SNAPSHOT] button. This process may take some time. Please be patient whilst the software is performing the snapshot. Snapshot Screens in progress below.
11.9	Please check your snapshot in datamining to ensure you can see the data. NOTE - you can view your snapshot file in Datamining. The naming convention will be FIN2024_YYYYMMDD_MMHH AM or PM. This is the date the snapshot was created.

12. Perform Ledger EOY Rollover

Path: Ledger Overview>General Ledger>Ledger End of Period

12.1	[Current Period} will be 12 December
12.2	[Next Period] will be 1 January
12.3	[Next Period Year Desc] please enter 2025
12.4	Select a [Year-End Budget Option] Clear - will clear the budget figures. Note: You will only need to tick the box [Create projected budget based on actuals to date] (refer green tick on screen shot above) if you want to have the projected budget based on actuals in the revised budget section of budgets, if not leave unticked. [Same as last year's budget] - will create a budget using last year's budget figures. [Replace with last year's actuals] - will create a budget using least years figures. [Bring in next year's budget figure] - will create a budget using the Next Year Budget Figures. Note: Use this option if you have already loaded you 2025 budget into Next Year Budget Figures. [Last year's actuals plus a percentage] - will create a budget using last year's actuals and enter a percent figure to add to the budget amounts. [Last year's budget plus a percentage] - will create a budget using last year's budget and enter a percent figure to add to the budget amounts.
12.5	Click [Process End of Year] You will get the following message. Click on [OK] to proceed with rollover. Once successfully completed you will get the message "Rollover completed"

13. Ledger Periods

Path: Ledger Overview>Manage Master Codes>Financial Periods

13.1

Check that the current year is 2025 and the prior year description is 2024.

If the prior year description is not correct, update manually by entering 2024.

13.2

Return to Ledger End of Period and check the current and next period are correct.

14. Post Rollover Checks

Check the following:

14.1

Path: Financial Dashboard>Trial Balance

Trial Balance is in balance.

14.2

Path: Ledger Overview>Ledger Transactions

All pending batches have been finalised and are in the correct period.

If pending batches have not been finalised please finalise now into the correct period.

Do this for each type of transaction.

Schools that only have one Entity - congratulations you have successfully completed the EOY finance rollover!

15. Schools that have multiple Entities

Once Step 1 to Step 9 has been completed for all entities, proceed with the backup and snapshot creation. Afterward, return to Steps 12 to 14 to complete for multiple entities.

Please see example below of multiple entities.

Ledger EOY for All Entities