GL> Utilities> Create a New Fiscal Year

Create a New Fiscal Year

 

Summary

 

The Create a New Fiscal Year process (GL> Utilities> Create a New Fiscal Year) is used to copy the current chart of accounts to a future fiscal year. Once this process is run, you can create budgets for the future fiscal year chart of accounts.

 

You must have a fund balance account set up in each fund of the current chart of accounts before you can run this process. The account number of the fund balance account is set up in the Setup window (GL> Utilities> System Setup General Ledger> General tab> Fund Balance field). The Create a New Fiscal Year process will not verify that the fund balance accounts are active or set up as a fund balance account types, it will only verify that the fund balance accounts exist in every fund of the current fiscal year. If a fund balance account is not set up in a fund, an information window will open listing all of the funds that do not have a fund balance account.

 

This process will copy the GL account number, account type, account description, reference number, Account is Project Driven toggle, sub-ledger account, Account is Active toggle, and will give you the option of copying the files attached to the GL account using the Attachment icon (GL> Maintenance> Chart of Accounts). If you are using multi-bank checking, the banks attached to the general ledger accounts will be copied over to the new fiscal year.

 

Related Links

 

Click here for an overview of the budgeting process.

Click here for information on the Jobs Viewer window.


Step by Step

 

1     Open the Create New Fiscal Year window (GL> Utilities> Create New Fiscal Year).

 

2     Complete the Settings section. 

 

  • The Fiscal Year field displays the fiscal year of the chart of accounts that will be created. The system determines this value by adding one year to the current fiscal year. You can view the current fiscal year in the Fiscal Year field in SS> Utilities> System Setup> Fiscal Information section.
  • The Create Only Active Accounts drop-down menu allows you to specify a fund account for all inactive accounts for the new fiscal year.
    • If No is selected in this field, and the new fiscal year is generated, all active and inactive accounts will be created in the new fiscal year.
    • If Yes is selected, only active accounts will be created in the new fiscal year. All inactive accounts will be assigned the goto account specified in the Inactive Account Goto field below.
      • The account specified in the Inactive Account Goto field must be a fund account and must be set up prior to running the create new fiscal year process.
  • Check the Copy GL Chart Attachments toggle to copy files that have been attached to the GL accounts in the current fiscal year to the new fiscal year.
  • Check the Copy VRI Groups toggle if you would like to create the new fiscal year in all of your existing VRI groups when this process is run.

 

3     Create the new fiscal year. 

 

  • Press ENTER to generate the fiscal year immediately or enter a date and time in the field next to the Confirm icon to schedule the process to generate later.
  • The system will set up the chart of accounts for the new fiscal year, using the current chart of accounts and the “Go To” information in each account.
  • You can view the progress of the process on the Job Viewer window (SS> Utilities> Show Scheduled Jobs).