[GL] Closing the Fiscal Year in General Ledger

Created by Crystal Ann Harvey, Modified on Tue, 29 Jul at 9:39 AM by Crystal Ann Harvey

Steps

Create the new fiscal year in GL > Programs > GL Fiscal Years
- Enter Fiscal Year Ending date for new fiscal year (e.g. if creating new fiscal year for 2025 and the fiscal year ends in December, enter 12/25 here)
- Enter Beginning Month (e.g. 01/25)
- Click Save and Close
Close the final month in GL > Programs > GL Month End Close
- Can close Subledgers and the General Ledger - enter Close Through Month (e.g. 12/24)
- Click on Close Check (this checks the various modules for any issues, such as open batches)
- If you receive a message that "The Month is not ready to close. Check items below and take appropriate actions", see article: GL Month End Close: Troubleshooting Close Check Errors to troubleshoot and correct issues.
After the month is closed, run the GL > Programs > GL Beg Balance Update
- Enter a date in the field Initialize Fiscal Year Ending (enter the date of the end of your new fiscal year, e.g. 12/25).
- This will move profits to Retained Earnings and move other balances forward to the new fiscal year.