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(July 2006)
Important guide for FC's and Accountants
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Itk End Of Year Procedure |
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Yes, it is that time of year again...how quickly it has come around. Besides Group Certificates, GST reconciliations and tax returns, there is year-end procedures and budgeting considerations within our Financial Modeling program, In the Know.
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Upgrade your ITK to the latest version.
For reasons of consistency (as far as this article goes), we suggest that you bring your ITK to our latest and greatest version. V3.2.75 (or greater). This will mean that this article (as well as future articles), should prove 100% valid. We have created a web page for you to download the latest copy of ITK.
Please e-mail us on
enquiries@ completedealerservices.com.au to have our system e-mail the latest version of ITK to your e-mail account. You will be asked to qualify what type of file to ask for depending upon e-mail constraints within your network. If unsure about which version to ask for, please consult your IT administrator, or ask us.
Want a working copy of ITK as at June 2006?
For some of you, there may be some benefit gained in taking a "snap shot" of your ITK system as it stands to allow you to go "back in time". This may prove fruitful where you wish to incorporate your 13th period trial balance, or where you simply want to be able to drill through at the account level for your 2005-6 fiscal year. Our suggestion in this case is for you to make a copy of the ITK directory on your PC to a new Directory.
NB please note that when you perform your EOY procedure, there are prompts that offer a copy of the trended Financial Year result. This means that you will be able to refer to that trend at a later date for comparative or perusal purposes, but you will not be able to "drill" through to account level of detail. This may affect whether you wish to make a copy of your ITK directory or not.
For those of you who do not feel the need to perform a working copy of ITK as at June 2006, skip the next topic.
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Generate a working copy of ITK.
The notes below may vary a little depending upon the version of Windows you run, and whether you run ITK on your C Drive or not.
- Click on Start, My Computer. (or My Computer from your desktop), then locate your "C:" Drive and double click on that icon. Please note that some of you run in a networked environment, and may need to go to a different drive letter. You may also have your ITK in a subdirectory. Please call us if you require further assistance.
- You should see a directory (yellow coloured folder icon) called "ITK". Left mouse single-click on this directory, then choose "Edit, Copy" from the menu bar at the top of the "Explorer" Window.
- Choose "Edit, Paste" from the menu bar at the top of the "Explorer" Window, and a new folder called "Copy of ITK" should be generated. Please note that this step may take some time dependant upon how complicated your ITK is.
- Click once on the new folder that was generated then click on "File, Rename" from the menu bar at the top of the "Explorer" Window. This should highlight the Folder title, waiting for your input. Type "ITK 2005-6" and then <Enter> to rename the folder.
- Double click on this folder review it's contents. Depending upon whether you run a Group flavoured or stand-alone flavoured ITK, your desktop shortcut may differ. Check for the presence of a file called "Group.xls", if this does not exist, then look for "fs.xls".
- Right mouse click on this file entry and choose "send to, Desktop (Create Shortcut)". This step will provide an entry point to your prior year ITK.
- Close the "ITK 2005-6" window and look for the presence of a new icon on your desktop called "shortcut to FS.xls" or "shortcut to group.xls". Once you have found it, use the right mouse button and choose "Rename". Rename the shortcut to say "ITK 2005-6".
- Check that all has worked by double clicking on your new icon, and see that ITK is correctly launched.
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Performing the EOY process |
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There are two distinct ways that ITK reports trends and that the behaviour of a Year-End Procedure is slightly different depending upon your "flavour".
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- For each copy of ITK that you run (some of you perform additional submissions for instance),
- Click on "Actions, Year End Procedure" to invoke the EOY process. Depending upon which flavour of ITK you run; Rolling or Fixed periods a dialog box will appear.
- For Fixed dealers; The system will take a snapshot of your trend, clear down the detail in the existing window to allow you to import back into the July column.
- For Rolling Dealers; The system merely takes a snapshot of the existing trend for later perusal. The intention here is to not interfere with the existing trend, but to make it possible for you to gain access to historical data sets at a later stage
Notes:
- The system should recommend to save the workbooks with a prefix of 6. NB. If you do not change it to 6, your trend may show incorrect headings.
- Please note that you should perform this task for each dealer workbook / trend. If you are a stand-alone dealer, then this would probably mean only on your "Consolidated view (Fs.xls)".
- If you use the "tools, consolidation" process, then this would mean that you would perform this task on each location on your view menu that would typically come up on the consolidation process.
- In all cases, it is worthwhile performing the process on the FS.xls or consolidated view. This means that it will be possible in the future to view your historical Consolidated view. So for you dealers that may not actually import to the consolidated view, you may still wish to take the snapshot.
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Your July import & resetting statistical inputs maintained within ITK.
If your statistics are maintained within ITK, then there will be a requirement to "reset" the YTD column for those collating Statistics. If you do not use ITK for Statistics, then this task is not necessary.
- when you attempt your July import, the system should prompt you correctly for the July period. If not, then wind the counter back from June until you see July!
- perform your July import as you normally would to have the system recognise that you are in the new year.
- Click on "Actions, Statistical Information, Reset YTD for stats".
Enter 1 for the number of months to collate. This should take the existing July result in your Statistics prompts and update the YTD equivalent with that months Statistics only. Please note that in the past some dealers had to enter a 2 in this field. Please let us know if you are still having problems. For those dealers running multiple ITK's eg one for in house management reporting and another for Toyota submission reporting, you will need to perform the entire procedure for both ITK's.
We trust that these notes prove fruitful in ensuring that the EOY process is trouble free and that you are empowered to process 13 month adjustments whilst traveling into the new year. |
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