Finance Year End Checklist
Use this checklist to finalise the General Ledger at the end of each calendar year before completing your first Bank Reconciliation for the new year.
Important!
Complete the following checklist in order. Do not start the next step until you finish the previous one.
Step | Menu Path | Details | ✅ |
1 | TASS Knowledge Base How To / Checklists > HOW - General Ledger | Complete the steps in the ‘Subsidiary Ledgers’ and ‘General Ledger’ sections of the Month End Checklist for the last period within the year to be closed. This is a suggested month-end checklist only. Your school's management or auditors may have additional checking requirements that are not covered in this checklist. | 🔲 |
2 | TASS.web Finance > General Ledger > Special Processes > Rollup History. | Run the 'Rollup History' program for the year to be closed. The ‘Rollup History' program recalculates and corrects pre-close totals and updates any adjustments made to journals that were processed in prior periods. Refer to the 'Rollup History’ article for more information. | 🔲 |
3 | TASS.web Finance > General Ledger > Special Processes > Close Periods. | The ‘Close Periods’ 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. Important! The system will generate an exception report for any 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 the 'Close Periods' program has been run. | 🔲 |
4 | TASS.web Finance > General Ledger > Special Processes > Year End Close. | The ‘Year End Close’ program can only be run after all journals for the year have been posted, and the 'Close Periods' program 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 ensure that all income and expense accounts have a zero balance. | 🔲 |
5 | TASS.web Finance > General Ledger > Special Processes > Rollup History. | Run the 'Rollup History' program for the new year. | 🔲 |
You can complete this checklist multiple times if needed. For example, early in the new year, after finishing December month-end processes, complete this checklist. If year-end General Journals are missing, reopen December journals, complete them, then complete this checklist. After the auditors' visit, they may request additional journals for the prior year. Reopen December, enter the required journals, and complete this checklist.