The Fiscal Year Closing utility allows you to close each company in your General Ledger at the end of each fiscal year. Since General Ledger supports having multiple years you can make adjustments to a prior year at any time after closing and then run the Close Year utility again to update the opening balances for the next year.
The right navigation panel contains the Prior Closing area which lists all of the previous times that the currently selected year has been closed. The Close Date column displays the date that the year was closed, the Closed By column displays the name of the user that performed the closing. Click the View Source link to view the Year End Closing Entries Report for that particular closing (if applicable).
Make sure that all transactions for the year have been updated and any reports needed including the year to date Detail Ledger report (More Information) have been run before continuing. When the utility is run the following actions take place:
•A new year is created if it does not yet exist.
•The account structure and chart of accounts from the current year are copied to the next year.
•Opening Balances are calculated for balance sheet accounts and properly reflected in the new year.
•Income and Expense accounts are closed to their respective closing account numbers.
•If the option to Copy Budgets is selected budgets are copied to the next fiscal year.
•A Year End Closing Entries report is displayed.
If you have any income or expense accounts with invalid closing accounts you receive a message indicating this must be fixed before you can close the year. A report is displayed indicating which accounts need to be corrected.
Select if you want to Copy Budgets or Copy Accounts and if you want to Mark Year As Closed. Selecting this option marks your current year as closed and automatically changes the default year to the new year after clicking the Close Year button. For Print Sequence select Account Number or Closing Account.
NOTE: The Close Fiscal Year utility can only be run by a user that has full rights to all of the accounts that contain activity in that year. This assures that a user does not see any ending balances on the report that is generated and it ensures that all accounts with activity are processed to calculate a beginning balance for the next year.
When ready click the Close Year button to begin the closing procedure. Click the Clear Preferences link to reset the page.
Compiled on 6/22/2018 8:21:40 AM