GL> Utilities> Fiscal Year End Reset
Fiscal Year End Reset
Summary
The Fiscal Year End Reset process will roll the balance of
the revenue and expense accounts into the fund balance accounts of each fund
and roll the amounts of the adopted budget to the current budget for the new
fiscal year. This process should be run after a new fiscal year chart of
accounts has been created (GL> Utilities> Create New Fiscal Year), pertinent
closing journal entries have been committed (GL> Journal Entries), and the fiscal
year end reports have been run.
There must be a fund balance account set up in each fund on the chart of accounts before you
can run the Fiscal Year End Reset process. The fund balance accounts that the
revenue and expense accounts will roll into is set up in GL module setup
window (GL> Utilities> Setup
General Ledger> General tab> Fund Balance Account field).
If the budget for the new fiscal year is not complete, you
can change the fiscal year in SS> System Setup, enter the budget in the adopted
column when it is complete, and then run the Fiscal Year End Reset process.
Related Links
Click here for information on copying a budget.
Click here for information on the GL module set up window.
Click here for information on the System set up module set up window.
Step by Step
1 Open the Fiscal Year End Reset window (GL> Utilities> Fiscal Year End Reset).
2 Complete the Settings section.
- Verify the current and new fiscal year in the Current Active Fiscal
Year and New Active Fiscal Years fields are correct.
- You cannot change the values in the fields from the Fiscal Year End Reset window, but you can
change the current fiscal year in SS> Utilities> System Setup> Organization tab>
Fiscal Year field.
- Check the Roll adopted budget to current toggle if you have an adopted budget. This will roll the adopted budget to the
current budget for the new fiscal year.
- You can copy budgets to the adopted budget amount using the Copy
Budget Information feature (GL> New Budget Info> Copy Budget Information).
For example, if the budget you would like to be the current budget is
currently in the Approved budget amount, run the Copy Budget Information
feature to copy the Approved budget to the Adopted budget. When the
Fiscal Year End Reset process is run, the adopted budget will become the
current budget in the new fiscal year.
3 Complete the reset process.
- Click the Confirm icon
when complete to run the process.
- The process my take several minutes. An information window will open when the process is
complete.
- Once you have completed this step, the system will automatically net your revenues and your
expenditures and roll them into the fund balance accounts. All your balance
sheet figures will be brought forward. If you checked Roll adopted budget to
current, your budget figures will show as the current budget numbers for the
year.
- In the System Setup window (SS > Utilities> System Setup> Organization tab> Fiscal Year field),
your fiscal year will show as the new fiscal year. As you enter
batches, journal entries and new GL accounts, they will all default to the new fiscal year.
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