Do the normal Month-End procedures / balancing:______
Run: Fiscal Year End Vendor Closing______(found in A/P, Task 32, Sub-task 2) NOTE: This program should be run after all the vouchers have been posted for the year that is ending. Do NOT post any vouchers for the new year, until after this procedure is completed!
Clear Paid Vouchers from A/P Open_______(found in A/P, Task 32, Sub-task 7). This process is an option, you do not have to run this program.
v RECOMMENDED: If you prefer to keep data for 2 years, the cutoff date would be the last day of the fiscal year two years ago.
v REASON: if a check needs to be voided and the voucher has already been cleared, you will get the system message stating the voucher is not in A/P Open Item, and the voucher must be there in order to void the check and mark the voucher available for payment (or other action) again.
FISCAL YEAR END AR CLOSING:
Do the normal Month-end procedures / balancing_______
Run the Fiscal Year End Customer Processing_______(found in A/R, Task 32, Sub-task 2) This process moves the Current Year Sales to the Prior Year Sales in the Customer Master File. The process should be done BEFORE ANY SALES FOR THE NEW FISCAL YEAR HAVE BEEN POSTED OUT OF THE HOLDING FILE INTO A/R!
When doing the normal month-end procedures for the last month of the fiscal year, answer Yes to the prompt: ”Do you want to clear YTD totals”__________. See document Inventory Month End Procedures.
Run the Clear Supplier YTD Fields_________ (found in I/C, Task 32, Sub-task 2).
Shift IMH records to prior years __________(found in I/C. Task 32, Sub-task 14).
- W A R N I N G - This program shifts sales information from one year to the next to build the previous years information in the Item Monthly History. Run this at the end of the CALENDAR YEAR ONLY, NOT the FISCAL YEAR (if different) !!! Do not run it more than once a year or you will lose data and need to rebuild it, assuming the O/E item history file goes back at least three years to make that possible. Selectable ranges are item # and warehouse #.
BEFORE closing the year end in G/L: General Ledger can be re-opened for one prior year only. For example: if it is January 2012 & you are closing G/L for 2011, you will only be able to re-open the 2011 G/L. You will NOT be able to re-open 2010 G/L. So you will not be able to print a G/L trial balance, G/L Income statement or Balance sheet for 2010. If 2010 G/L data is needed for printing of reports contact us An extra G/L company can be created for 2010 (in this example). In this example, once the 2011 G/L is closed, the 2010 G/L company can’t be created. So it is important to contact us with this request before closing the year in G/L.
General Ledger - Close Year End________(found in G/L, Task 32, Sub-task 1)
Note: this procedure is done after Accounts Payable, Accounts Receivable, Payroll and Inventory year-end procedures have been completed.
v Answer system prompts for:
o Year End Date and the Retained Earning Account number.
o "Clear Budget Figures Y/N"
§ Answer Yes if budgets are not used or if budgets for the new year have been modified to reflect new figures.
§ Answer No if budgets are used and the have not been modified for the new year.
o "Add 1 year to Period Dates Y/N", answer Yes (recommended). However, if N(o) is answered, the process can be done later in Sub-task 7: "Setup Accounting Periods".
v After answering, the system then prompts for a printer to use for the Retained Earning Posting Register.
v If no error occurs, the message " Was …. Posting OK?", answer Yes.
-----General Ledger Year End Closing is finished------
General Ledger – Reopen a Closed Year:
Note: Use this task if the GL for last year has already been closed but adjustments need to be made to last year's data.
General Ledger (Module 4)
System Management Functions (Task 32)
- Re-open Last Year's GL (Sub-task 16)
- System Management Functions (Task 32)
When finished, re-close the year by using Sub-task 1: Close Year End.