General Ledger - Perform Year End – Process Train

Pgm: GLYRPREP – Prepare New Year Accounts; standard Treeview path: General Ledger > Transactions > Period End > Perform Year End

The use of a perpetual accounting system allows for a simplified year-end procedure. The year end procedure must be executed once for each department of the company whose year is being closed out.

It is important to note that the year end need not be run to post transactions into the new year, but the Prepare New Year Accounts screen may be used to run financial documents and view selected queries within the new year.

When ready to run the year end procedure, follow the steps listed below.

Ensure All Batches for Year Are Posted

Post all General Ledger batches that contain information for the year.

Ensure All Sub-Ledgers Have Completed Their Period End

All sub-ledgers must have completed their period end processes for the year.

Preliminary Close Procedure

Run the preliminary period close procedure if this is being used.

Enter the Auditors Adjusting Entries

Create a batch, enter the adjustments, and post the batch to the last period of the year to be closed. Do not enter the auditors’ closing entries, as the computer will perform this function in the next step.

Post the Auditors Entries

This is done via the standard Batch Posting screen.

Prepare New Year Accounts – Set Up Opening Balances

This is done via the Prepare New Year Accounts screen (Pgm: GLYRPREP; standard Treeview path: General Ledger > Period End > Perform Year End), which sets up the opening balances for accounts for the new year. This procedure will probably have been run already, but just in case, it can be run now also. If it has been already run it will not make any difference.

Run Year End Procedure

This procedure will perform the year-end closing entries of reversing out the income statement accounts and calculating retained earnings. This procedure can only be run once for each department of each company.