Close an Accounting Year

The year-end procedure zeroes out individual income and expense general ledger account balances and moves the net profit/loss to retained earnings. A separate year-end journal entry is generated for each agency. Each year must be closed individually and sequentially.

If the Journal Entry Approval Process is enabled, any journal entries generated by this action are automatically assigned a System Approved status. Remember, you must close each accounting month before you can close the accounting year. This means that any journal entries with a status of Working, Submitted, or Rejected must be approved within their corresponding accounting month before you can close that month.

1. From the Home screen, do one of the following:
   
   • Click Procedures on the navigation panel.
   • Click Areas > Procedures on the menubar.
   • Click the down arrow next to Home on the options bar and select Procedures.

From any other area of the program, do one of the following:

2. • Click the down arrow to the right of the Home options bar button and select Procedures.
   • Click Home > Procedures on the menubar.

2. Click Accounting on the navigation panel or Areas > Accounting on the menubar.
3. Click Year End on the navigation panel.
4. A list of accounting years displays. Change the months that display in the list if necessary.
   1. Click the word Years in the view filter.

   

   A list of choices displays:

   1. • All
      • Closed
      • Open

   2. Click on the appropriate selection.
   3. To filter the list by a particular field, select one of the following from the Search where dropdown menu:
      • Agency Code
      • Agency Name
      • Fiscal End Month
   4. The choices available in the second dropdown menu vary, depending on the first selection you made:
      • Equals: Enter the search criterion (the full Agency Code or Agency Name).
      • Contains: Enter at least one letter of the Agency Name.
   5. Click Find.
      
      To see the filter that is currently applied to the list, hover over the Search where text.
      
      You can apply multiple filters if necessary.
      1. To apply multiple filters to the list, do one of the following:
         • Click the Edit Filter button . 
         • Press [Ctrl] + E.
      2. The Edit Filter pop-up window displays. 
         
         Note: You can also use the Edit Filter button, rather than the search bar, to apply a single filter to the list if you prefer.

      

      3. Select and/or enter your desired search criteria using the dropdown menus and fields, and then click the Add button. The Name, Compare Type, and Criteria for your filter display in the list. Click one of these column headings to sort the list by that column. To reverse the sort order, click the column heading again.
      4. To apply additional filters, enter additional search criteria and continue clicking Add. To remove a filter from the list, select it and click the Delete button.
      5. Click Finish when you have applied all of your desired filters.
         
         To exit the dialog without applying any filters, click Cancel.
5. Click on the year that you wish to close.
6. Do one of the following:
    
   • Click Actions > Close Year on the options bar.
   • Click Actions > Close Year on the menubar.
7. The Close Year pop-up window displays. The Agency, Month, and Year default into the associated fields, but you can change them if necessary.
8. Click Finish or press [Enter] to close the accounting year.