Create Accounting Periods for Next Fiscal Year
Before any entries for the next fiscal year can be entered, the new fiscal year will need to be created. If in entry or processing you see an error message “Accounting Period Problem” This can mean the date is locked or the date has not been created. If the date in for a new fiscal year you have just started, then the year probably has not been created.
The easiest way to create your new fiscal year is in “End Year Process” – “Create Next Year Only” . See directions below.
This process “Create Next Year Only” will create your new fiscal year. It will also lock all months in the old year except the last month. The last month will remain open for staff to continue processing in that month. Accounting staff may choose to reopen any month(s) that requires processing of back dated entries.
Close Fiscal Year
NAVIGATION: UTILITIES menu > End Year Process
- Year to Close: Open the browse and select the fiscal year that is ending. (You should not see a listing for your new year)
- Most customers have 1 Segment ‘MASTER CONTROL’. This setup requires creating the new year only once.
- Some customers may have multiple segments, 1 for each balanced controlled fund. These customers may need to create a new year for each segment.
- Closing Mode: Select the mode ‘Create Next Year Only’.
- Click CLOSE YEAR on the Quick Links bar
- Repeat for any additional Segments as needed
- The accounting periods for the new fiscal year will be created.
- The old fiscal year accounting periods will be locked except for the last month. The last month is left open to allow entry and adjustments. Other month are locked to prevent accidental use of older months. Accounting staff may reopen months when back dating is required. Recommend relocking months after completing the back dated entries.
- Balances will not be brought forward. The new year will have zero for all beginning balances. Before running monthly reports for the new year the old year will need to be closed using ‘Close year – Leave Open’
- User will be able to enter and process for the last month of the old year and for any month in the new year.
- Open the New Year: After running ‘Create next year only’. Go to Maintain > Accounting Period Master. Open the new year.
- In the bottom grid set the last six months as “Locked ALL”. You may lock more months if you prefer.
- Set a reminder in your calendar to unlock these months before anyone would start entry for them. You may lock and unlock months on a regular interval to keep only two or three current months open.
- The old fiscal year will need closed using Standard Close at some point so that balances are brought forward.
- Until you have closed the old year with ‘Create next year only’ or ‘Final Audited Close’ there will be no beginning balances for the newly created fiscal year.
Manually Create New Year
NAVIGATION: MAINTAIN menu > Accounting Period Master
- Leave Segment blank. The program will enter "Master Control" in the segment field when saving.
- Type in the new fiscal year in the Year field
- For example: If your current year is 2024 and you are creating the next year, type 2025 in the year field.
- Enter 12 in Actual Periods
- In Year Begin enter the first day of the new fiscal year For example: 01/01/2025
- In Year End enter the last day of the new fiscal year For example: 12/31/2025
- Extended should be left blank
- Enter 12 in Active Periods
- Click APPLY on the main menu bar to save without clearing the view.
- Click the AUTO CREATE button
- This will Create the Monthly Periods in the grid.
- Click SAVE
- Click CLOSE
- If multiple accounting periods for different funds (Segment field) are used, additional accounting periods may be created with the proper segment values.
NOTE: Until you have closed the old year with ‘Create next year only’ or ‘Final Audited Close’ there will be no beginning balances for the newly created fiscal year.
12/2024