Procedures prior to a year end | Law Fusion Help Centre

Before you complete your year end, you need to do the following three procedures:

Creating a new period.
Copying your yearly nominal budgets.
Setting up nominal budgets.

Create a new period

You firstly need to create a new period for the new year, to do this follow our article on period maintenance.

Copy yearly budgets

Click Tools then click Copy Yearly Budgets.
Select the desired source and destination budgets in the Copy from year and to year dropdowns.

The following five options are then available for Budgets 1 and 2.

Feature	Description
Zero	Select this to ensure that Budget 1 for all nominals are set to zero for this year.
Budget 1	Select this to use Budget 1 as the source budget for either Budget 1 or 2 destination budgets.
Budget 2	Select this to use Budget 2 as the source budget for either Budget 1 or 2 destination budgets.
Actual Balance	Select this to use the actual posted balance of each nominal as the basis of the copied budgets.
% Deviation	Use this field to adjust all destination budgets by a uniform percentage. Entering either zero or 100% produces the original budget with no change. Entering 10% produces a set of budgets set to 10% of the original budgets. Entering a figure along with a minus sign changes the sign of all budgets, negative budgets become positive and vice versa and scale them by the appropriate amount.

3. Click Update.
A message displays asking you to confirm your choice and reminding you that this isn't a reversible process.

4. Click Cancel.

Set up nominal budgets

Click Admin then click Nominals.
Click Nominal Account Maintenance then click Edit Nominal.
Click Budgets.
You now have the option to set your budgets for the coming year.
Select the appropriate budget year from the dropdown.
Create a provisional Profit & Loss account in your nominal accounts. You then have six options down the right of the advertising screen. See each option below.

Feature	Description
Zero	To clear all the budget amounts in a column to zero. Click in the column to amend then click Zero.
Copy	You can copy budget figures from a nominal account. To do this: Click either Budget 1 or Budget 2 column then click Copy. The budget selector screen displays where you must enter the nominal reference, the budget year, and budget 1 or 2. Click OK. The new budget figures are entered into the budget screen.
Match	You can copy budget figures from a user. To do this: Click either Budget 1 or Budget 2 column then click Match. The budget selector screen displays where you must enter the user code, budget year, and type of budget. Click OK. The new budget figures are entered into the budget screen.
Split	Use this to enter an amount which you want to be equally split between all periods for either budget. For example, if you enter 1080, the system automatically enters 90 in each period for that budget.
Formula	Use this to generate a budget figure based on a formula. Any formula already set up on the system is listed within the dropdown in the Budget Formula screen. Choose either an existing formula or you can setup a new one by clicking New. This takes you to the Budget Maintenance screen where you can enter an appropriate formula. The total value of all the period entries equal 100. This apportions the budget value to each of the periods. For example, enter 50 in Periods 1 and 2 then click OK, you return to the Budget Formula screen where you must enter a budget value.
Percent	Use this to add a percentage onto the budget total and to be split equally across the periods. For example, if the total budget for Budget 1 is 120 with all periods equally 10 and adds 50%, the total changes to 180 with all periods changing to 15.

6. Click Finish.