Summary of changes

• Since last year, many changes have been made in X-ise software which had necessiated  changes in year end process. Chief among them is introduction of multiple duties for registered dealers and maintenance of register wise quantity break up among others.
  **Hence, it is mandatory for all X-ise users to update their X-ise (and ACE) program which has been released on or after March 1, 2004.
  **Please DO NOT use any program released prior to March 1, 2004 to run Start New Year or Refresh Opening Balances.

• If for some reasons, you are unable to update your program, download the new utility refresh.exe which contains the updated Year end, Start New Year and Refresh Opening Balance option.

• Refresh.exe also contains reports to compare account and quantity balances of two years in order to quickly pin point discrepancies.

• Now Start New Year enables Audit Trail in the previous year automatically and at a later date you can use 'Trace Changes' - which reports changes done in the previous year after Starting New Year.

• All options relating to Year End can only be accessed using the Supervisor password.

Various options for year end

• Method I : Extend current years' accounting period,
  and run Year End option at a later date (on finalisation of accounts)
• Method II: Start New Year to create a new account for the current accounting year. If required, run Refresh Opening Balance in order to update current year's opening balances with closing balances of the previous year after finalisation of accounts. This option does the following:
  1. Closes books of accounts as on Cut off date (closing date of previous year)
  2. Calculates the closing balances of accounts for their transfer to new accounting year
  3. Passes necessary entries in the new accounting year to carry incorporate opening balances.

Initial of New Co. : Specify the 4 character initial for the new company, a new folder ACE5abcd will be created.

• New Company Name :
• Start New Year From : Specify the first date of the new year
• Closing Stock Valuation: Specify whether you want to again compute valuation of closing stock Note:
  - You may ignore this option. This will save substantial time.
  - You have the option of considering or ignoring Inter Stock transfers while  computing closing stock valuation.
  - **Closing stock balances are not updated if this option is ignored.
  - **X-ise users are STRONGLY recommended not to select this option.
•  Valuation Method : Please specify the method of closing stock valuation, Cost or Market price.
• Include Terms : Whether to consider terms while computing closing stock value. Say Yes, if you want to compute precise landed cost.
• Transfer Cheques : Whether to bring forward all uncleared cheques from previous year. Say Yes, if you are preparing bank reconciliation statement from ACE.
• Prefix for C/F Doc. : In order to avoid repetion of same document no. in current with that brought forward from previous year, ACE prefixes brought forward documents with a single character. Specify the prefix, say, "*", "#",etc.
  Note: Please change prefix each year.
• Pack data files : Specify whether you want to pack files (an internal process to physically remove deleted records and generate hard disk space). If you are running this option for the first time, it is recommended, although it takes substantial time.

• Cut off date : specify the closing date of the previous year
• Closing Stock Valuation: Specify whether you want to again compute valuation of closing stock.Note:
  - You may ignore this option. This will save substantial time.
  - You have the option of considering or ignoring Inter Stock transfers while computing closing stock valuation.
  - Closing stock balances are not updated if this option is ignored.
  - X-ise users are STRONGLY recommended not to select this option.
• Valuation Method : Please specify the method of closing stock valuation, Cost or Market price.
• Include Terms : Whether to consider terms while computing closing stock value. Say Yes if you want to compute precise landed cost.
• Transfer Cheques : Whether to bring forward all uncleared cheques from previous year. Say Yes, if you are preparing bank reconciliation statement from ACE.
• Prefix for C/F Doc. : In order to avoid repetion of same document no. in current with that brought forward from previous year, ACE prefixes brought forward documents with a single character. Specify the prefix, say, "*", "#", etc.
  Note: Please change prefix each year.
• Pack data files : Specify whether you want to pack files (an internal process to physically remove deleted records and generate hard disk space). If you are running this option for the first time, it is recommended, although it takes substantial time.
• Create Undo File : Create undo file keeps a backup of your data, in any case of intruption while running the year end process like power cut, can able to get your data back.
• Create Co. upto cutoff date: Since Year End option erases all entries pertaining to previous year, you may like to create another company to keep data for the previous year.
• New Initial: If you have said Yes to above, specify the 4 character initials for the new account.
• New Account Name: Name of the above company.

• You may ignore this option. This will save substantial time.
• You have the option of considering or ignoring Inter Stock transfers while computing closing stock valuation.
• Closing stock balances are not updated if this option is ignored.
• X-ise users are STRONGLY recommended not to select this option.