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Closing Fiscal Years

After you have generated a fund’s closing entries for a fiscal year, you can close that fiscal year for that fund. Closing a year for a fund means you can no longer add, edit, or approve any transactions for that year for that fund.

Hint: You can close some funds while leaving other funds open for the same year. Different funds can also end their fiscal years at different times.

As a matter of policy, most agencies close a fiscal year for a fund before their auditors review the records for that year (although the General Ledger program does not require it).

Note: General Ledger, however, does require you to close a fund’s fiscal year before you can close any fiscal period in the next fiscal year. See "Closing Fiscal Periods"

You use the Close Fiscal Year Wizard to close fiscal years for funds.

2.

Click on the toolbar, and then select "Close Fiscal Year." The Fiscal Year Close Wizard is initiated.

3.

Select the fiscal yearAn accounting year, a fiscal year contains twelve periods (months). A fiscal year usually begins on a new calendar quarter (January, April, July or October). you wish to close.

Hint: Click to check all checkboxes; click to uncheck all checkboxes.

• 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.

More on Error Tabs...

Journal Batches Not Accepted

This tab lists journal batches in the General Ledger program for the affected year that you have not yet approved. You must either approve or delete them before you can close the fiscal year. See "Creating Manual JEs, Vouchers, or Batches"; See "Accepting Journal Batches"

Other Modules Unposted

This tab warns you of transactions in other WinTen² financial programs (modules) for the affected year that have not yet posted to General Ledger.

The Count column displays the number of unposted journal entries within the other program, and the Amount column displays the total dollar amount of those entries.

Prior Fiscal Years Open

This tab identifies any funds for which a prior fiscal year is still open. You cannot close a fund's fiscal year without first closing all prior fiscal years for the fund.

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 Fiscal Year Close Wizard.

• Step 4 allows you to confirm all of the information before you finish closing this fiscal year. The fields on this screen are not editable.

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