Creating a New Year

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G/L Create New Year Screen

G/L Period End Maintenance Screen

At the end of a fiscal year, you 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.

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...

  • Make sure you have entered the correct default closing account on the G/L Options screen.
  • If you close by segments, specify the retained earnings accounts for each segment code on the Segment Codes screen.

You might also want to:

  • Enter and post all outstanding transactions for the year that is ending. If you import batches, import and post the batches you need for the year.
  • Print and clear all outstanding posting journals.
  • Print financial statements
  • Print any other reports and listings you need for your audit trail and other records.
  • If desired, consolidate posted transactions.
  • If you use multicurrency accounting, update exchange rates and revalue account balances, if needed.

To create a new year:

  1. Open Fiscal Calendar, and then:
    1. Create a fiscal calendar for the next year.
    2. Ensure that the closing period for the current year is not locked.
  2. Open General Ledger > G/L Periodic Processing >  Create New Year.

  3. Click Proceed.

    Each transaction detail is assigned the source code GL-CL, and is posted to the closing period.

  • Print the Posting Journal.

    The journal lists all closing transactions, showing the retained earnings account to which each closing balance was transferred. For accounts closed by segment, the journal also lists the segment name with each detail.

  • Define and print a source journal that lists only the entries associated with the closing source code, GL-CL.
  • Print and clear the Batch Status report, selecting all statuses.
  • Print the opening balance sheet and other reports you need to start your records for the new fiscal year.
  • Use the Period End Maintenance screen to:
    • Delete inactive accounts.
    • Delete outdated transaction detail.
    • Delete outdated fiscal sets.
    • Reset batch numbers to 1.

Note: Period End Maintenance activities are optional, and can be done at any time.