GL> Utilities> 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. Before you run it again, check for budget adjustments entered in the new fiscal year. The reset deletes them if you check Roll adopted budget to current.
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 Setup window.
Step by Step
1 Open the Fiscal Year End Reset window (GL> Utilities> Fiscal Year End Reset).
- 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.
- If you change the current fiscal year in SS> Utilities> System Setup to run the reset again, the reset deletes budget adjustments entered in the new fiscal year since the last reset when Roll adopted budget to current is checked.
- Check the Roll adopted budget to current toggle if you have an adopted budget. This rolls the adopted budget to the current budget for the new fiscal year.
- Checking this toggle also deletes all existing budget adjustments in the new fiscal year, including adjustments created by the Roll Over POs process (PO> Roll Over POs). Run the Fiscal Year End Reset before you roll over purchase orders with the Create budget adjustments toggle checked.
- If you leave the toggle unchecked, the reset keeps the new fiscal year’s budget adjustments, except on GL accounts in a continuing budget group.
- Use the Copy Budget Information feature (GL> New Budget Info> Copy Budget Information) to copy a budget to the adopted budget amount. For example, if the budget you want as the current budget is in the Approved budget amount, copy the Approved budget to the Adopted budget. When you run the Fiscal Year End Reset process, the adopted budget becomes the current budget in the new fiscal year.
- Click the Submit button
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.