for a fund, you prevent any more transactions from being entered in that period for that fund. General Ledger automatically closes all prior periods that are not already closed.The General Ledger program closes fiscal periods and years per fund.
When you close a fiscal period for a fund, you prevent any more transactions from being entered in that period for that fund. General Ledger automatically closes all prior periods that are not already closed.
When you close a fiscal year for a fund, General Ledger transfers the balances of most of the fund’s revenue and expenditure accounts to your retained earnings account, setting the revenue and expenditure accounts to zero balances. This is because revenue and expenditures are always reported for a period of time. The fund will start the new fiscal year with zero revenue and expenditures.
General Ledger uses closing entries to consolidate the current balances of the revenue and expenditure accounts into retained earnings, which is your closing account.
Note: You can close a period in the new fiscal year as long as period 1-12 of the previous fiscal year are closed. Period 13 & 14 may remain open for the previous fiscal year while awaiting auditor adjusting entries.
| 1. | From the Main Menu screen, click CLOSING. The Manage Period Closing screen appears with all funds displayed in a table. Also displayed is the last closed fiscal period (the fiscal period number of the fiscal year) for each of your agency’s funds. |
| 2. | Click  on the toolbar, and then select "Close Fiscal Period." The Close Fiscal Period Wizard is initiated. |
| 3. | Select the calendar month and calendar year of the latest fiscal period you wish to close. |
| 4. | Click START to continue. |
| 5. | Check the checkbox(es) of the fund(s) for which to close this period. For each fund you select, General Ledger will close this period and all prior periods that are not already closed. |
Hint: Click 
to check all checkboxes; click 
to uncheck all checkboxes.
| 6. | Click NEXT. Either Step 3 or 4 of the wizard appears. Step 3 identifies any errors that prevent you from closing this period. (This step is for informational purposes only. Nothing on this step is editable.) |
- Step 3 contains three tabs: Journal Batches Not Accepted, Other Modules Unposted, and Prior Fiscal Years Open. Each tab identifies a different type of error.
Note: If Step 3 appears, you canNOT complete the wizard. First, make a note of any errors on this step and then either A) cancel the wizard or B) return to Step 2, uncheck any funds that contain errors, and complete the wizard without them. Then, correct the errors and re-launch the Close Fiscal Period Wizard.
- Step 4 allows you to confirm all of the information before you finish closing this fiscal period. The fields on this screen are not editable.
| 7. | Click FINISH to complete the Close Fiscal Period Wizard. As noted above, for all selected funds, General Ledger will close this calendar month and all prior fiscal periods that are not already closed. You cannot add or edit journal entries for any closed fiscal period. You can, however, correct or reverse them by creating new journal entries in subsequent fiscal periods. |
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