G/L Create New Year Screen

Overview

Use the G/L Create New Year screen to:

• Create and post a batch of transactions to close income and expense accounts and enter the opening account balances for the new fiscal year.

  Note: Opening balances for the new fiscal year for balance sheet and retained earnings accounts are the same as the previous year's closing balances. Income and expense accounts have opening balances of zero.

• Change the current fiscal year to the next year.

Single- and Multi-Segment Account Numbers

If you use single-segment account numbers, all accounts are closed to the default closing account specified on the G/L Options screen. If you use multi-segment account numbers, you provide information on three separate screens to specify the retained earnings account to which an account is closed. More...

• G/L Options screen. On the Segments tab, specify that the segment is used in closing.
• G/L Segment Codes screen. Specify the retained earnings accounts to which different segment codes (for example, different departments) close.

  Note: You can have as many retained earnings accounts as you have account segment codes.

• G/L Accounts screen. Specify for each account the segment you want to use for closing.

  Note: If you do not choose an account segment for closing, General Ledger uses the default closing account defined on the G/L Options screen.

Posting to Closed Years

After creating a new year, you may continue to post transactions to the year you have just closed. Whenever you post to a closed year, General Ledger will also create all appropriate closing entries to update retained earnings.

Note: Each income/expense account is closed automatically to a retained earnings account at year end.

Last published: 4/8/2016