Year end process

You use the year end procedure to move the closing balances from one year to the opening balances for the next year. If the books are not final and you require the opening balances for the next year, you can run a provisional year closing procedure.

The new budget accounts can be linked to the old budget accounts by using budget account relations defined in the Year-end Budget Account Relations (tfbgc3660m000) session.

Note: When data changes are transferred to the chart of accounts from one fiscal year to the next fiscal year, such accounting changes are also transferred during the year end process.

To execute the year end process, use these sessions:

  1. Budgets per Year (tfbgc1110m000)

    Select the old budget to be copied, and from the appropriate menu, select the Copy to new Budget or Budget Year command. The Copy Budget to new Budget or Budget Year (tfbgc1210m000) session opens.

  2. Copy Budget to new Budget or Budget Year (tfbgc1210m000)

    • Specify the new budget year and code in the Budget Year and Budget fields.
    • By default, the Budget, Budget per Year, Budget Structure check boxes are selected. Select the Budget Amounts, Budget Authorizations and Text check boxes, if required.
    • Click Copy to copy the current budget to the new budget.

  3. Budgets per Year (tfbgc1110m000)

    • Select the new budget and click the Submit for Approval button, the Status of the budget changes to Pending Approval. Click Approve to approve the budget.
    • Select the Active check box to activate the budget.

  4. Year-end Budget Account Relations (tfbgc3660m000)

    To define relation between the current budget accounts and the new budget accounts perform the following actions:

    • Select new budget year and budget code in the To Budget Year and To Budget fields.
    • Specify the new budget account in the To Budget Account field and select the current account in the Add a From Budget Account field.
    • Click Add Account to relate the current account to new budget account. Repeat the process for all the accounts in the structure.
    • Click Year-end Process. The Year-end Process (tfbgc3670m000) session opens.

  5. Year-end Process (tfbgc3670m000)

    • Select the budget year and budget code in the Budget Year and Budget fields.
    • Select the All option in the Carry Forward Available Budget Amounts field to carry forward all the available budget amounts.
    • Select the Carry Forward Transactions check box, to carry forward the transactions of type commitments, encumbrances and receipt expenses.
    • Click Process to execute the year end procedure.

  6. Archive Budget Transactions (tfbgc4202m000)

    Archive the old budget transactions. Select the range of budgets or budget accounts in the Budget and Account fields. Click Archive to archive the transactions.

  7. Delete Budget Control Documents (tfbgc2200m000)

    If required, delete the budget amendments, budget transfers or budget control adjustments, for the selected range of budget year and budget.