Each year FreeDAM needs to be rolled over.
Why do I have to do a rollover?
FreeDAM is designed to hold all your financial information including Balance Sheets and Profit and Loss etc
Only the last 2 years of this information is able to be edited.
I want to be clear that FreeDAM stores and keeps all your data safely.
The concept is that you enter all the invoices, receipts and cashbook entries throughout the financial year (1st April – 31st March normally) and continue into the next financial year without interruption.
Sometime in April, May, June or July when the accountant has finalised the salaries, calculated the deprecations and written off any bad debt then he/she will give you the corresponding journal entries to be entered in FreeDAM as of the 31st March.
Once the end of year journal entries are done and the accountant has filed the accounts with the ird then this means that the financial information within FreeDAM for that year can be locked so that no adjustments can be made to this finalised data.
The rollover procedure is only a click of a button.
To goto the financial year rollover section of FreeDAM click on ‘Company Data’ – ‘Company Details’:
The following buttons are on the ‘Accounting Details’ tab at the top of the screen.
If the FreeDAM Financial Year beginning is the 1st of April 2016
- Click “Unlock Last Year”
If FreeDAM says The Financial Year ending 31st March 2016 has been locked and cannot be ‘unrolled’ just click ‘Pre-Roll Financial Year”
- If FreeDAM asks Un-lock Financial year 1st April 2015 – 31st March 2016 now?
Close the message 1 Apr 2015 has been successfully unlocked
Click ‘End of Year Rollover’
Click ‘Yes’ when asked to Lock Financial year 1 April 2015 – 31 March 2016 now?
Click ‘Pre-Roll Financial Year’
- If the FreeDAM financial Year beginning is 1st April 2017
You are all good to continue with this year’s entries without rolling over at this time.