General Ledger > Fiscal Year-End Closing

Unlike other AccountMate subsidiary modules, General Ledger has no period-end closing but only Fiscal Year-End Closing. AccountMate requires all integrated modules, including the General Ledger, to be in the same fiscal year in order to operate. Once a subsidiary module is moved into a new fiscal year, no transactions can be posted to that module until the General Ledger Fiscal Year-End Closing process has been performed. If you wish to keep the General Ledger in the current fiscal year, the subsidiary modules must remain in the same fiscal year. The next fiscal year’s posting period restrictions can be lifted using the Posting Period Restrictions function to allow entries to be made to future year accounting periods. The General Ledger and all integrated modules allow users to transfer or post data to any period of the prior, current or following year that has not been restricted for posting.

The Fiscal Year-End Closing performs the following:

•Closes Income Statement GL accounts and transfers the resulting net income or loss to the Retained Earnings account.

•Keeps Balance Sheet GL accounts open and forwards their balances to the next fiscal year.

•Closes the company's current fiscal year in the General Ledger and moves it onto the next fiscal year.

•It ensures all subsidiary modules and the General Ledger are closed within the same fiscal year and carries forward the Balance Sheet accounts current year ending balances as the new fiscal year beginning balances.

When the General Ledger is closed using the Fiscal Year-End Closing function, AccountMate keeps three periods open so you can post transactions into the current, prior and future fiscal years.

Note: The Fiscal Year-End Closing function changes the fiscal year setting and moves it forward to the next fiscal year. Depending upon the setting in the Posting Period Restriction Controls, users can configure the system to automatically restrict posting to the fiscal year being closed during fiscal year-end closing.

Fiscal Year-End Closing

Fiscal Year-End Closing

See Also