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.
- 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.
- Enter adjusting journal entries, including bank adjustments if necessary.
- Run the Verify Client/Matter & G/L Balances report.
- Perform a backup.
- Go to Maintenance – Close Financial Year. You have to be in Single-User mode to access this feature.
- Confirm that the new financial year date range is correct and proceed to Close Year.
