Financial Years

The management of Financial Years within the Metrix Asset Management System is a feature available to system administrators. The two core concepts to discuss when it comes to the management of your system’s current financial year:

• Locking a financial year, and,
• Reverting to a previously locked financial year.

A financial year runs for a year from July to June.

The current financial year is defined as the period following the most recently locked financial year. If there is no locked year, the current financial year is calculated from the period of the first entry into the Financial Transactions Ledger.

Locking a Financial Year

Locking a Financial Year protects the Financial Transactions Ledger from being altered in any way that would result in the system being unable to reflect reported financial figures from a point in time. This is typically done following the generation of periodic (usually annual) financial statements, and the subsequent successful audit of said statements.

When a system administrator performs a lock on a financial year, the following outcomes are triggered:

• All transactions that occurred within, or prior to the locked financial year are no longer editable. That is, they cannot be deleted or altered in any way.
• This also has the effect of preventing any Components with transactions within a locked financial year from being deleted from the system.
• No transactions can be posted to the locked financial year or to a date in time prior to the locked financial year.
• The minimum date value for certain date calendar picker controls will be restricted to dates greater than the locked financial year.

Reverting to a previously locked Financial Year

When a system administrator reverts their system to a previously locked financial year, they would typically do so for the following reasons:

• The financial year was locked in error, or
• Using a Metrix environment in production whilst backlog data is still being migrated to a previous financial year.

The impacts of reverting to a previously locked financial year is simply that the system will then begin to behave as if it was indeed in the (now) unlocked financial year. No impact is caused to any entries within the Financial Transactions Ledger.

Locking a Financial Year

To process the locking of a financial year, follow these steps:

1. Navigate to the Capital Financial Year page (Capital > EOY Processing).

2. A financial summary of your asset portfolio is presented, along with a number of steps that are generally performed throughout a financial year.

3. Ensure you are satisfied with the completion or otherwise of each these steps by clicking on the bubbles denoting each sequence.

4. To perform a rollover and lock the current financial year, navigate to step 4 - Rollover.

5. Click ‘Rollover & Lock the X Financial Year’ (X will be replaced with the current financial year label).

6. To confirm this action, you will be prompted to type the current financial year into a text box, and then click ‘Rollover’.

7. The financial year has now been locked, and the system has progressed to the next financial year.

Unlocking a Financial Year

To process the reverting / unlocking of a financial year, follow these steps:

1. Navigate to the Capital Settings page (Capital > Capital Settings).

2. This page displays the current financial year, as well as the most recently locked financial year (if any).

   Info

   The current financial year is defined as the period following the most recently locked financial year. If there is no locked year, the current financial year is calculated from the period of the first entry into the Financial Transactions Ledger.

3. To revert or unlock a previously locked financial year, simply click on the button labelled ‘Unlock for Finance Posting’ adjacent to the ‘Latest Lock Year’ label.

4. Confirm you decision in the popup dialog.

5. The financial year has now been reverted to the previously locked year.