Fiscal Year End Procedure
You must complete the fiscal year end procedure each year on your fiscal year end date, after accounting has entered the final year end adjusting entries. The fiscal year end procedure is performed on the General Ledger only.
The Year End utility adds the year's profits to the retained earnings account and clears all YTD amounts in the revenue and expense accounts.
Before Starting
- Month end journal entries and postings for Month 1–11 must be completed. (You will complete the month end for Month 12 as part of the year end procedure.)
Although you can print financials and other GL reports from previous financial years, you cannot make entries into a previous financial year.
To Complete the Fiscal Year End Procedure
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Go to GL > Month End/Year End > Month End Close.
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At the warning prompt, click Yes.
The month end close for month 12 is directly linked to year end close. Closing month 12 automatically launches the Year End Close utility. If you need to close your year earlier, you can manually run the Year End Close utility directly from the Month End/Year End menu. Before running the Year End utility manually, contact EPASS Support to discuss this situation with our technical support staff.
You can't post the GL for the new year until the previous year is closed, however, all GL reporting features will still work without closing the year. You can add journal entries, print the trial balance, financials, and bank reconciliation. When using these features, make sure to select the correct year and month and select the Include Not Posted Transactions... checkbox.
See Also:
January 9, 2024