Start New Year

Use the Start New Year page to initialize a new fiscal year. The opening period is expected to include balances for beginning balance, opening balance, and historical lines (such as acquisition lines). The Start New Year page copies all ending net adjusted balance sheet values from the ending period (determined by the schedule periodicity) of the prior year into the opening balance period reported values for the selected destination year.

The opening balance period (P0) is never meant for data entry but several processes update P0 (such as Start New Year and Copy Financial Data, among others). Only the consolidation process pulls data from P0. To populate P0 for the first year in the database, the administrator uses a data loading process, such as Data Loader. After that, you can use Start New Year.

This chapter applies to administrators with read-write security to the selected unit, version, and/or custom dimension members. Users with read-only security cannot copy data to the new year.