GL - Year End Close
Overview
The program closes of the current fiscal year set up in TASS.web and transfers the opening balances into the next year. The process also closes off the YTD profit account, (your 'N' type, or net worth account set up in Finance > General Ledger > Account & Journal Information > Accounts) and places the balance into your Accumulated Profit (Liability) account. This ensures that all opening balances into the New Year are only asset and liability accounts.
The year end close can be run as often as required, and should always be run where prior-year postings have occurred. Additionally, you should always run Finance > General Ledger > Special Processes > Rollup History after to roll up any new opening balances to the new year account period's table.
Important!
This program will not run whilst journals for the current year remain un-posted, or periods remain open in Finance > General Ledger > Setup Information > Years & Periods.
Fields that require further explanation | |
|---|---|
Accumulated Funds Account | This is normally a type 'L' general ledger account. The program will create a GL Journal for each period taking the balance out of your 'N' type, or net worth account and journaling it to this account. Important! Do not enter your type 'N' = 'Net Worth Account' here! |
Year to Close | All periods must be closed for this year. Refer to Finance > General Ledger > Special Processes > Close Periods. When the close has been completed successfully the following message will be displayed 'The Year End close has been completed successfully. The Year End closing Journal number is NNNN.' |