1. Home
  2. Finance
  3. MAT Finance
  4. How to manage the MAT Finance Year End process

How to manage the MAT Finance Year End process

In this guide, we will show you how to manage the End Year process for Sites MAT wide.

Related guides: How to create a New Financial Year in MAT Finance

Access: To carry out this task, you will need the following permission from within the Finance Module of Config > Setup > Roles & Permissions.

Roles & Permissions

Finance > Routines > Financial Year Maintenance


Click on the Year End Process icon under the Actions column to open the Close Financial Year wizard in a new page.

Image #1

Step 1 Confirm Readiness:

In the Close Financial Year wizard in the newly opened page, select the open Sites to have the financial year closed by ticking the checkboxes. Sites can selected one at a time, or all together.

Click Confirm Readiness button.

Step 1

The system generates a Log of data checks by Site that would either: prevent completion of the step (Error), or require consideration (Attention / Advice). The three icons in the Action column enable the user to view the document in a new tab to resolve, delete the document, or move the document to the next financial year.

Note: Errors need to be resolved before you can Confirm and move to the next step.

Image #3

Note: Right click on rows in the Log to Copy and Export.

Copy and Export Log

Once all Errors have been resolved, users can Refresh the Log and the Confirm button will be available.

Click Confirm, and users will move to the next step in the wizard. The Status of the Site in Step 1 will update to Completed.

Image #4

Repeat the process for Step 2 Preliminary Close, Step 3 Period 12 Close, and Step 4 Final Close.

Note: For Step 2 Preliminary Close, Step 3 Period 12 Close, and Step 4 Final Close – an additional Preliminary Close Log / Period 12 Close Log / Final Close Log will appear next. Users will need to click Preliminary Close, Period 12 Close or Final Close button.

Image #5
Preliminary Close Log

Note: A Preliminary Close Summary / Period 12 Close Summary / Final Close Summary is available to print

Image #6
Preliminary Close Summary

Note: Completing Step 2 and 3 this will post a Surplus and Deficit Balance to the next financial year. Completing Step 4 will post Balance Sheet Ledger Codes as Opening Balances to the next Financial Year.

On confirmation of the Final Close, the fourth and final status is now completed.

Image #9
Updated on September 19, 2023

Was this article helpful?

Related Articles

Noticed a missing guide?
Fill the form below and we will get this created.
Suggest Help Article