The G/L Year End module provides the facility to run the preliminary and final year end processes and generate the year end report; to lock and/or unlock a fiscal year; to view existing year end reports and notes.
The Year End process ‘closes the books’ for the current year and sets up the opening balance for the new accounting year. All G/L accounts that are marked as Revenue/Expenses will be created in the new year with zero balances. The sum of their total expenses is posted to the opening balance of the Surplus/Deficit account as indicated in the Year End parameters. All Asset Liability accounts will be created in the new year with the final expenditure balance carried forward to the new year’s opening balance. Commitments and/or precommitments may be carried forward to the new accounting year (depending on the year end settings). Refer to How to Run a Final Year End for more information on this process.
What do you want to know?
•How to Lock/Unlock a Fiscal Year
•How to Run a Preliminary Year End
•How to Run a Final Year End
•How to View an Existing Year End Report
•How to View Year End Notes
Note: Click on any one of the above links to learn more about that section.