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Use this list as a guide to prepare for year-end closing:

Accounting Role

A staff member must have access to close the period. See Assign Roles to Accounting Users for more information.

 To close for the year-end

Before you can close the year, you must be in the final month of the fiscal year and have posted all transactions.

  1. Sign in as an administrator or staff member with the appropriate permissions.
  2. Click Accounting Period End, then click Continue to Step 2.
  3. Verify the closing account for each core account.
  4. Click Continue to Step 3.
  5. Review the list of debits and credits.
  6. Click Close Year Now.
  7. To confirm the year-end closing, click Close Year Now again.
 To allow posting to the 13th month
  1. Sign in as an administrator or staff member with the appropriate permissions.
  2. Click Accounting > Ledger Setup > Settings.
  3. Select Allow posting to the 13th month.
  4. Click Save.
 To post to the 13th month
  1. Sign in as an administrator or staff member with the appropriate permissions.
  2. Click Accounting > Transactions > General Ledger.
  3. Click + Expense, + Income, or + Other.
  4. Select Closing Entry as the Transaction Type.
  5. In the Account field, begin entering each account segment then select it from the list that displays as you type. The fund and core account are required, the other segments are optional.
  6. In the Debit or Credit field, enter the amount.
    Optional: Enter a Comment and select a Project.
  7. Click Add Lines if the transaction is split across more than one account.
    Optional: Enter a Description to describe the transaction. If you enter a description, this will display as the Payee/Description.
  8. Click Save & Add Another.

 

A fiscal year is a twelve month period used for recording transactions and preparing financial statements. Your fiscal year may or may not be the same as a calendar year, which ends in December. 

At the end of each fiscal year, you must close the books in the general ledger, which also closes out the income and expense accounts. If you don't follow the period end procedures, the balance sheet for the new year will be out of balance until you close the general ledger from the previous year. This prevents changes to closed transactions that occurred in a year. 

Closing the year will also simultaneously close the final month of the fiscal period. You must post all transactions for the current year and close all months prior to the final month to proceed with year-end closing. You should also print all checks and year-end reports prior to closing. 

If you allow posting to a 13th month, you can add new adjusting entries to a year that is already closed by posting them to the 13th month. This is the closing month between the last month of your previous fiscal year and the first month of your new fiscal year. Any entry in the 13th month will not change the ending balance of the previous month, but will flow through as the beginning balance in the new fiscal year.