Year-End Procedures

Learn about the year-end procedures.

  1. Go to General Ledger > Period End > Fiscal Calendar Maintenance.
  2. Click New Year to add a new fiscal year. Press Enter at the # of months to display the periods. Save.
  3. Run the Opening Forward Balance Update to set the beginning balance for a new fiscal year from the previous year's data. Ending balances for all Balance Sheet accounts (assets, liabilities, and capital) are carried forward. Ending balances for income and expense accounts are closed to the Retained Earnings accounts.
  4. Go to System Administration > Processing Date Change to modify the minimum/maximum dates.
  5. Run the Fiscal Calendar Update to roll the calendar forward. Be sure to print a Detail Trial Balance Report for the first year prior to performing this update.