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Pgm: GLYRPREP – Prepare New Year Accounts; standard Treeview path: General Ledger > Period End > Perform Year End
Prepare New Year Accounts carries forward the account balances from the current year into the new year to be opening balances for the accounts for the new year. Although this option is not required to post into the new year, it is required to view financial documents and queries for the new year prior to closing the previous year.
Roll Balances Forward
Enter the company code and confirm the current year and period. The module will default the current year, current period, and new year for the company selected. Confirm that this information is correct. If the information is incorrect, change it accordingly.
Confirm that the new year is the year that accounts should be prepared for. If it is not correct, adjust it by changing the current year. The period dates for the new year must have already been defined.
Press the [Prepare New Year] button to begin processing.
Enter Year End Transactions
Pgm: ADJENT – GL Enter Year End Adjustments; standard Treeview path: General Ledger > Period End > Perform Year End – Enter Year End Transactions node
Year end adjustments usually presented by the auditor should be entered via the Adjustment screen so that the adjustment is associated with the adjusting period defined in the period table, rather than the posting period. This means that the trial balances for closed months will not change.
Batch
Create a batch using the [Create Batch] button. This will create a batch with the type A.
Next, move to the Adjustment Header section and enter the transaction header information.
After entering the journal, the date of record for the transaction, the source document information, and a description, the system will automatically assign a transaction number at the top left corner of this section and displays the adjusting year and period.
Journal
Enter the appropriate journal code to which the transaction should be posted. An example of an appropriate journal may be the General Journal, but any valid journal may be entered here.
Adjusting Year, Period
The system will automatically display the adjusting year and adjusting period. The year is an enterable field, the period is not. The adjusting period number is retrieved from the period file.
Post Date
This is the posting date.
Source and Reference Fields
These fields are the same as in the standard Transaction Entry screen. Enter as required.
Move to the Distribution Detail section and enter the details of the transaction. This section of the screen is identical to standard transaction entry, a company, department, and account must be entered along with the amount. Units are optional.
The sum of the debits and credits entered in this section must sum to zero before the screen can be exited.
Complete the transaction by committing the transaction.
Print Edit List
Pgm: TRANSEDT – GL Transaction Edit List; standard Treeview path: General Ledger > Period End > Perform Year End – Print Edit List node
The edit list should be used to verify a batch’s contents before posting it, as it is best to make any corrections before posting. The listing can be ordered by transactions, account, source, or account/department via the Order By field.
Select the batch type and batch required, and how the Print Edit List should be ordered by. The program will automatically assume that the report is being printed for an unposted batch, but it is also possible to use this report to retrieve information about posted batches.
Post Adjustments
Use this screen on the process train to post any outstanding adjustment batches.
Pgm: GLPOST – Post Transactions; standard Treeview path: General Ledger > Period End > Perform Year End – Post Adjustments node
Select the batch for posting and the remaining fields will auto-populate. Check the ‘Print Reports Immediately’ box if you wish to print the report once clicking the [Post Batch] button. The ‘Automatic Accrual Reversal’ checkbox by default is checked, but can be unchecked. Post the batch.
Close P&L Accounts
Pgm: RETEARN – Perform Year End; standard Treeview path: General Ledger > Period End > Perform Year End – Close P&L Accounts node
This screen 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.
It will advance the year by one and set the current period to period one of the new fiscal year.
This screen is different than any other GL screen in that it creates the batch automatically for the user. If there is a year end batch that is not posted, the system will automatically display the batch number.
Name
Enter the descriptive name that will be associated with this special year end clearing batch.
Journal Code
Enter the journal code the year end clearing transactions will be posted against.
Company Code
Enter the company code that closing transactions should be created for.
Department Code
If the company department should be closed by department, enter a specific company in this field. If the company should be closed completely, then leave this field blank.
Press [Start Procedure] button to begin year end.
When the entries are committed, a series of transactions will be posted to reverse out all revenue and expense accounts to the clearing account specified for the department and company. The clearing account is entered on the Maintain Department and Maintain Company screens.
[Re-Open Previous Year] – Button
When this button is clicked, the company current fiscal year (comp_fiscal_yr) will be kept equal to the current, the department current year (dept_yr) will be kept equal to the current, and the department closed year (dept_yr) will be equal to the one before the previous.
For example, if the company current year is 2016, then re-opening previous year will do the following: comp_fiscal_yr = 2016, dept_yr = 2016 and dept_close_yr = 2014.
This button is enabled for users assigned with the system privilege ‘GLREOPENYR: Allow to Reopen Previous Year’. By default, the privilege is unchecked for all roles.
When the button is pressed, the user will be prompted with a confirmation message in a pop-up window to accept or cancel the action.
Pop-up window launched from [Re-Open Previous Year] button on Perform Year End screen
If a specific department is to be re-opened, then enter a department in the Department field; otherwise, leave blank for all departments.