Close financial year

Close Financial Year feature is used to close your fiscal year. This article lists the recommended steps for completing a year-end. Run the year-end when you are ready to enter transactions for the next financial year. The year-end program makes a copy of your general ledger transaction details and adds one year to your current financial year date range. Your financial year date range is set in Maintenance – Global Settings – Financial and is used by transaction entry features, by reports and by the year-end feature itself.

You can enter transactions for the closed financial year – most data entry features enable you to enter transactions directly into the previous year by providing a password after entering a prior year date. The password is to prevent transactions accidentally entered into the previous year.

Year-end procedures include the daily work such as adding new clients/matters, entering transactions, performing a backup and printing the Verify Client/Matter & G/L Balances report, as well as specific year-end steps such as printing reports. If you enter transactions on a regular basis, the year-end process can be completed quickly and easily.

Use this list as a guideline only. Review these steps and customize your procedures to suit your firm.

  1. Ensure all data entry for the year is complete. You can enter transactions for the prior year if adjustments are necessary after completing the year-end.
  2. Enter adjusting journal entries, including bank adjustments if necessary.
  3. Run the Verify Client/Matter & G/L Balances report.
  4. Perform a backup.
  5. Go to Maintenance – Close Financial Year. You have to be in Single-User mode to access this feature.
  6. Confirm that the new financial year date range is correct and proceed to Close Year.