The turn of the year is fast approaching and for many Lucanet users that means opening a new financial year. In this blog, you can read how to do that technically. In addition, Lucanet also requires some maintenance on certain functionalities during the transition to a new financial year. Below, we explain which actions need to be taken. Depending on your Lucanet setup, some of these actions may be less relevant to you.
To be able to select the new financial year in analyses and data imports, extend the Actuals data dimension in your Lucanet database to the next year. It is best to do this one year at a time. Please note: never shorten this data dimension. If you do, you will lose the data from the deleted period.
When you extend the Actuals data dimension by one year, you must also open these periods in the Lucanet Audit Trail. If you do not use the closing of Audit Trails, they will be opened automatically.
In our blog post about reallocating the previous financial year’s result (link: Blog post), we explain how to configure the Next Generation app and why you should use it. When transitioning to a new financial year, copy the app from the previous year. Then adjust the observation period and the name. This way, it is ready for use.
When you use the IC Workflows option in Lucanet, you need to create the workflows for the new year once at the beginning of the year. To do this, you create the elimination journal entries in all relevant elimination entities, after which you collect them in the IC Workflow for the new year. This can be a labor-intensive task. So be sure to contact one of our specialists for tips on how to do this as efficiently and quickly as possible.
Finally, the import of data into the Lucanet Financial Warehouse. If you run this via the Lucanet Autotask Client as a scheduled job, you will need to create an execution configuration for the new financial year. After that, it must be added to the workflow or folder that is executed, whether daily or otherwise. This way, it will run along with the rest. Also make sure you do not leave too many historical years in the folder, so the scheduled job does not take too long.
Is the new financial year causing you stress as well? Or would you simply like some support during the transition to a new financial year? Feel free to contact one of our specialists at Arithma Consulting — we are happy to help!