AM-B  Fiscal Year End Routine

Purpose of Program

This program is run at fiscal year end and prepares the General Ledger to receive postings in the new fiscal year via GL-O  Print/Post General Ledger Batches.

The program moves the current year GL chart of accounts balances (as viewed in GL-A  View Chart of Accounts) one year back, opens up balances for the new fiscal year, updates the beginning balances in all asset, liability and owners equity accounts, clears the beginning balances in all income and expense accounts, and creates year end entries in your Retained Earnings account.

Running this program does not mean you have to "close" your fiscal year.  You can make an unlimited number of adjusting entries to last year at any time during the new fiscal year.  We therefore suggest that you run this program on the first day of your new fiscal year.

NOTE: At one time this program was called "Reset Year End Balances" and had to be run at both calendar year end and fiscal year end.  Now the program is only run at fiscal year end.  The program also used to incorporate calendar year end processing for the Payroll module which is now in a stand-alone program (PR-O  Year End Routine).

If you change your fiscal year

If you change your fiscal year start date, you need to run AM-N Maintain GL Fiscal Periods to define the dates for the Short year and run this program on the first day of the new fiscal year using the new start date.

General Program Operation

A warning will be presented if the program perceives that you are running the routine less than one year since your last fiscal year end, which could indicate that you may be running the program twice.  After reading the message, click Yes to continue and processing will begin and you will be presented with a screen to confirm or change the start dates of the months for the new year.  Once processing is complete, a set of YE transactions is ready for posting in GL-O  Print/Post General Ledger Batches