What is a Year End Rollover?
The Year End Rollover prepares Theatre Manager's database for a new fiscal year of revenue. Doing a Year End Rollover causes the following to happen:
- It copies the current G/L current year monthly totals into the G/L previous year monthly totals. Theatre Manager keeps 6 years of historical data in the G/L and the most recent two years have monthly data summaries in the G/L.
- It initializes the G/L current year monthly totals to $0.00
- It consolidates any G/L entries that are older than six years into one single G/L summarized entry for the entire year.
- It examines all donations for a future fiscal year and creates a G/L entry that moves deferred donation revenue into the new fiscal year.
- It examines the donation totals kept for each patron and moves current year totals to prior year, prior year back one year etc.
- It examines the volunteer totals kept for each patron and moves current year totals to prior year, prior year back one year etc.
When should you do a Year End Rollover?
Year End Rollover is to be performed on the first day, or within the first few days of your new fiscal year. Year End Rollover is not to be run at the end of your season year (keeping in mind the difference between your fiscal year versus the season year).
Backing Up the Year End Data
It is important to make a year end backup of your database before the year end rollover happens and keep this backup in a safe place for the required number of years according to the Legal and Statutory Laws outlined by the federal and state/provincial governments.
Along with the backup of data, make a backup of the entire Theatre Manager application folder. This is important in case you need to access the backed-up data in the future and wish to access the data using the same version of Theatre Manager that you were using at the time.
- For PC's, Theatre Manager's application folder is C:\Program Files\TM
- For Mac's, Theatre Manager's application folder is Macintosh HD\Applications\TM f
How long does a Year End Rollover take to complete?
Timing of a process will depend on the volume of data your database has stored in it, the speed of your computer, and the network communication speed (i.e. 10baseT, 100baseT, or 1gigibyte). The Year End Rollover process will update G/L accounts, patron records, donation records, and volunteer records. The more data you have in each of those modules of the database, the longer the process will take to run.
If you have less than 5 years of ticket data in Theatre Manager, the Year End Rollover may complete fairly fast within 30 minutes, but there are clients whose year-end process may take longer than 30 minutes to complete. Very few are outside of the 60 minute range.
If you have more than 5 or more years of ticket data and donation data in Theatre Manager, the Year End Rollover may take up to 4 to 6 hours (or longer) to complete. It is recommended that you run the Year End Rollover during a dark day of the box office, or overnight.
Can the Year End Rollover be stopped once it has been started?
No. Once the Year End Rollover process has started, it must complete in its entirety before you can start using Theatre Manager again. You are unable to stop it and resume it again where it was interrupted in the initial process. It is recommended that you run the Year End Rollover during a dark day of the box office, or overnight.
If you need to quit the Year End Rollover in the middle of the process, you will need to restore to the backup that you made prior to starting the Year End Rollover process.
What if I do not perform a Year End Rollover right at year-end?
No harm will happen to your Theatre Manager's database. You will still be able to process ticket sales, donation receipts, and membership/pass sales. All payments will still be entered without issues. You will be able to process all of the normal daily activities except for the final step in the End-of-Day wizard. This final step is the Posting of the G/L entries to the G/L and you will receive a message when you try to post that indicates that some sales or deposit postings were not done because they are in the next fiscal year. This is because the work that you are entering into Theatre Manager is technically for the new fiscal year, Theatre Manager will not let you post G/L entries dated for the new fiscal year until the previous fiscal year has rolled over. This gives you some time to print the GL reports and make adjustments.
You will be able to create daily deposits and settle PC Authorize and PC Charge with no restrictions.
As indicated, if you attempt to Post to the General Ledger, Theatre Manager will only post entries dated for the previous fiscal year, ignoring the new fiscal year General Ledger Entries. All the new fiscal year G/L entries will be posted during the first End-Of-Day process after the Year End Rollover has completed successfully.
NOTE: Be aware when entering in new donations and memberships for the new fiscal year when the Year End Rollover has not occurred. When creating new donations and memberships sales, by default, the fiscal year field will default to the current year (which is really the previous year). You will need to manually change the fiscal year to the next year for each donations and membership to be tracked properly. Failure to do so will result in the G/L revenue appearing in the previous fiscal year, where as you may want the revenue to appear in the new fiscal year. The manual change will need to occur until the Year End Rollover has completed successfully.
Are there any reports that should be run prior to Year End Rollover?
YES. There is a very important report to print out and keep. It is the Receivables-Based on Order Balances located in the "Order and Payments" report category. This report is very important to your accountant and auditor when they ask for a list of the patrons who have an Accounts Receivable balance at year-end. This report is also used in the preparation of year end financial results to the organizations shareholder and taxation requirements. This report should be printed on the last day of your fiscal year and kept on file.
Print any of the financial reports that you may need to keep that are in the "G/L Reports" report category.
You do not have to run any ticket revenue reports, donation reports, or any other aspect of the system because they are not dependant on a fiscal year.
What if I need to make a Manual G/L Entry?
If you do a Year End Rollover and you still need to make manually adjustments to the G/L, you can change the G/L entry date to be in the prior year and then print a G/L report for the prior year (because you have rolled over, the current year moved to the prior year). This means you can still get any financial information that you want.
What do I need to do to prepare before I run the Year End Rollover?
- Do a final End-of-Day wizard to make sure all deposits have been made and all sales entries have been created.
- Make any manual adjusting entries that you need to the G/L
- Post all G/L entries that pertain to the prior year
- Print off your Receivables-Based on Order Balances (on the last day of your current fiscal year)
- Print off any other month end/year end reports you deem necessary
- Have all users quit Theatre Manager
- Make a backup of Theatre Manager's database and Theatre Manager program
How do I do a Year End Rollover?
NOTE: Only perform it when you are ready and there is sufficient time to complete the process.
- Perform the steps outlined in "What do I need to do to prepare before I run the Year End Rollover?"
- Goto Accounting >> General Ledger >> Year End Roll Over
- Respond to the questions appropriately
- Let Theatre Manager perform the process for you