Year End Checklist
The following checklist must be completed in this order. Do not proceed to the next step until the previous step has been completed.
Step | Menu Option | Details |
|
|---|---|---|---|
1 | Complete all Postings in Sub Ledgers and General Ledger for the Year to be closed. |
| |
2 | Finance > General Ledger > Special Processes > Rollup History. | Run the 'Rollup History' program for the year to be closed. |
|
3 | Finance > General Ledger > Special Processes > Close Periods. | This program will zero the income and expense accounts (Type 'I' and 'E') and transfer the balance to the net worth account (Type 'N'). A journal entry is generated for each period and for each account to be 'zeroed' with corresponding balancing entries to the net worth account. The system will give an exception report where it finds accounts that are closed. You must open these accounts before you can run 'Close Periods'. The system also keeps 'pre-close' balances for all accounts so you will still be able to run an Income Statement after 'Close Periods' has been run. |
|
4 | Finance > General Ledger > Special Processes > Year End Close. | This program can only be run after all journals for the year have been posted, and the 'Close Periods' has been run. The 'Year End Close' will zero the Net Worth account (Type 'N') and transfer the total to the Accumulated Funds account that you specify. The 'Year End Close' will also roll forward the closing balances into the next year's opening balances for asset and liability accounts (Type 'A' and 'L'). The program will initially check for un-posted batches and that all income and expense accounts have a zero balance. |
|
5 | Finance > General Ledger > Special Processes > Rollup History. | Run the 'Rollup History' program for the new year. |
|
