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There are a few things you need to do to close the financial year.

Enter all the contributions for the current year.

You can record contributions per family or post contributions to a group of records.


Make sure you don't post payments to the new year before processing all of this year's records. If that happens, you can move fund entries to the correct period while keeping the same batch numbers and dates.

Check the IRS tax limits.

On the File menu, click Setup > Batch Number and Tax Limit Information. Check IRS requirements to ensure your tax limits are correct for the year you're closing.

Print the End of Year Donor Substantiation report.

Some send this to everyone, whereas others only send it to those families who request it.

  1. On the Reports tab, click Tuition & Fees Reports.
  2. Expand Financial Reports > Tax Reports.
  3. Double-click End of Year Donor Substantiation, and proceed through the next windows.
  4. Select your printer and letter layout. You can modify the body of the letter.
  5. Select a date range to print, and select each fund you want to include in the report. Select how to print overpayments.
  6. Use the selection tabs to filter the list of families to include in the report.


    • Select Skip Families That Do not Have Any Selected Funds to exclude those families from printing.
    • Families who have the fund period set up but have not given this year do not print.
    • To filter for families who gave a certain amount or more, go to Additional Selections and add a new condition. Select Fund Totals > Grand Total Total Paid, then is greater than or equal to, and enter the amount. 
  7. When you're ready, click Preview and/or Print the Report.
  8. If you selected to send some letters by email, select your options and send the emails.
  9. Select whether to log the letters.

Print any other reports.

Print any reports you need for future reference. Listed below are some common tax reports you may need. On the Reports tab, click Tuition & Fees Reports, and expand Tax Reports.

  • List of Cash Contributions Over the Limit — The IRS requires that donations over the limit be specifically substantiated.
  • List of Non-Cash Contributions — The item values are estimated. The donor must provide further proof of value.
  • List of Quid Pro Quo Contributions — This includes only the donations that meet the IRS quid pro quo limit.
  • Charitable Contributions Report — This tax statement prints on form 12550.

Below are some other financial reports you may want to print. On the Reports tab, click Tuition & Fees Reports, and expand Financial Statements.

  • Billing Statement — Letter that prints monthly totals and/or a recap of fund activities.
  • Past Due Notice — Letter that reminds families of outstanding balances.

Back up your data.

  1. On the File menu, click Backup/Restore.
  2. Click Backup Data.
  3. Enter a reason for the backup, such as "Backup after closing the financial year".
  4. Select a backup method, and enter or select any relevant information.
  5. Click Start Backup.
  6. After your data is backed up, you can print the backup information for your reference.