How to Run a Final Year End

 

The G/L Year End module provides the facility to run the Final Year End; the year must be unlocked and all the fiscal year's periods must be locked. The Final Year End run includes: processing of Carry Forward Pre-Commitments/Commitments, thus relieving outstanding pre-commitments/commitments in the old year and posting same amounts in the new year. Any further activities related to the “carried forward” Requisitions and POs are restricted to the new year.

 

Activities related to the purchase orders include PO change, PO close, invoice entry and invoice delete. A purchase order can only be open in one fiscal year at a time. Therefore, until the final year end is run, such activities against a PO can only be carried out in the year in which the PO was entered. This means that the invoices in the new year, against a prior year's PO, cannot be processed until the final year end has been run, at which time the PO will be closed out of the old year and its remaining commitments opened in the new year. Conversely, after the PO has been brought forward, invoices for the prior year may not be entered against it; such invoices will have to be entered in the new year batch and the expense amount (manually) journalized back to the correct year. 

 

Use the following steps to run a final year end:

 

1. Click on the Business tab, click General Ledger, and select G/L Year End.

 

2. Click on the Action drop-down menu beside the corresponding year and select Run Year End- Final.

 

 

3. In the Year End Wizard, dialog box, under Settings, review the information.

 

Carry Forward boxes Selected:

 

Carry Forward boxes not Selected:

 

4. If applicable, in the Carry Forward Commitments section, click on the Select PO Batch Code drop-down menu to select a PO Batch Code for any outstanding POs.

 

Note: This option will only be available if the Carry Forward Commitments selection box is selected.

 

Refer to Year End Settings for more information on Carry Forward Commitments and Pre-commitments.

 

5. Click on the Next button.

 

6. In the Revenue/Expense Check section, click on the Next button.

 

 

7. In the Asset/Liability Check section, click on the Next button.

 

 

8. In the Execute/Schedule section, click on the Schedule to process the month end at a later date or click on Execute to process immediately.

 

 

9.

If

Then

Execute button is selected.

1. The year end process will begin. To see year end progress, click on the Notifications icon at the top right corner.

 

Schedule button is selected.

1. In the Schedule Job dialog box, click on the calendar icon to enter the Start Date.

 

 

2. Enter the time of day, using the chevrons to change the time.

 

3. Click on the Schedule button or click on the Cancel button to return to the previous screen.

 

 

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