Closing the Year for Multi-FSB General Ledger

Caution:

This procedure creates debit and credit entries to close out all revenue and expense accounts for the date range specified. These entries are placed in the Multi-FSB General Journal. You must then post the Multi-FSB General Journal to the Multi-FSB General Ledger.

Note: This procedure should be run only after all entries made to the fiscal year are posted. Also, to close the journal, it must be writable.

To close the year for the Multi-FSB General Ledger:

Open the Multi-FSB Year End Closing Journal Entries form.
Specify this information:

Fiscal Year

Select the fiscal year for which to close a financial set of books. The default value is the current fiscal year from General Parameters.

FSB

Select the financial set of books to close. Only those FSBs active for the specified fiscal year are shown.

Fiscal Year Start Date

The default value for this field is the specified fiscal year start date, taken from the Multi-FSB Accounting Periods form. Optionally, you can change this date. This generates year-end transactions for transactions occurring on or after this date.

Fiscal Year End Date

The default value for this field is the specified Fiscal Year end date, taken from the Multi-FSB Accounting Periods form. Optionally, you can change this date. This generates year end transactions for transactions occurring up to this date.

Income Summary Account

Select the "Retained Earnings" account for the year-end closing transaction. The account's type must be set up in the Multi-FSB Chart of Accounts as Owner's Equity.

Delete Current Journal Entries

To delete all journal entries for this journal before generating the year-end transactions, select this check box. This refers to the existing entries in the Multi-FSB General Journal only. Do not change any of the references generated by the system on the entries in the Multi-FSB General Journal. If this check box is selected, all journal transactions along with any associated text are deleted when the transactions are generated, prior to creating the closing transactions.

Unit Code Detail

To clear unit code balances in the revenue and expense accounts, leave the Unit Code Detail check box selected. If this check box is cleared, balances are left in the unit codes and carried forward.
Click Process.

Note: You can close multi-FSB fiscal years an unlimited number of times. If you have closed the fiscal year and need to enter transactions for that year, you can post the transactions and then run the year-end close again.

See the example in Closing the Year for General Ledger.