General Ledger > Fiscal Year-End Closing > Prepare and Close Fiscal Year

To perform the fiscal year-end closing process, perform the following steps:

1.Verify the completion of the following year-end closing checklist before performing the Fiscal Year-End Closing process:

oFinish posting all of your transactions and year-end adjustments for the prior year

Record and post all transactions in all integrated subsidiary modules pertaining to the prior fiscal year. You can no longer record and post these transactions after you perform the fiscal year-end closing process since the prior fiscal year will become a historical year. AccountMate restricts posting of transactions to historical years.

oPrint your General Ledger reports for the prior fiscal year before closing

Print the General Ledger reports relevant to your prior fiscal year. Your prior fiscal year will become a historical year after performing the fiscal year-end closing; thus, you can no longer generate certain reports. Most of the General Ledger reports allow printing of reports as far back as the prior fiscal year only. These reports are those that require you to set the fiscal year such as the financial statements and General Ledger Listing report among others.

Note: Financial reports and transaction listings are available for all years that have not been purged from AccountMate during the Fiscal Year-End Closing process. AccountMate maintains an unlimited number of years’ worth of account balance history depending on the amount of free space on your hard drive.

oBack up all data files prior to closing

Store a backup of your data outside AccountMate. You can use this data backup whenever there is a need to restore it in the event that you encounter data corruption.

oPerform Period-End Closing of the current fiscal year for all integrated modules

You cannot perform fiscal year-end closing if you will not close all periods of the current fiscal year for all integrated modules. Access the Period End Closing function in the Housekeeping menu in all modules integrated to the General Ledger module to perform the period end closing process through the last period of the current fiscal year. The subsidiary modules must be advanced to the next fiscal year before you can successfully perform fiscal year-end closing.

2.Access the GL Account Selection function from the Maintenance menu. Double-click on the Retained Earnings Account field; then, enter the retained earnings GL Account ID of the equity account to which you want AccountMate to post the current fiscal year earnings and losses when you perform fiscal year-end closing. When you enter the GL Account ID, the account name is displayed in the adjacent field for reference.

3.Click the OK button to start the Fiscal Year-End Closing process for the current fiscal year. Refer to the Complete Fiscal Year-End Closing section for the detailed steps in completing the fiscal year-end closing.

Prepare and Close Fiscal Year

Prepare and Close Fiscal Year

See Also