Help:GL1-Close Fiscal Year
This window titled Prepare Next Fiscal Year's Beginning Balances will prepare the beginning balances in the Balance Sheet accounts for the next fiscal year from the ending balances in the current fiscal year.
Since the IBS System continuously posts to the General Ledger Master File, the next fiscal year can have entries long before the prior fiscal year is closed. This does not pose any problems for IBS. You can use this option as many times as you wish without distorting any of your current work. Please be aware, that you must close the year and move beginning balances into the new fiscal year in order to print financial statements for the new year. Keep in mind, however, that you can close the year multiple times to refresh the beginning balances of the new year whenever you post adjustments to the prior fiscal year.
NOTE: It is a good policy to have a complete backup of all IBS data files before you run this process to Close a G/L Year.
Next Fiscal Year: Enter the year for the fiscal year which you wish to prepare. NOTE: This is the NEXT fiscal year, NOT the Current fiscal year.
Retained Earnings G/L Number: Enter the number of the Retained Earnings general ledger account. The prior year's income summary will be added to the prior year's balance in this account to produce the beginning balance for the next fiscal year. Press the [?] to the right of this field to open a window titled Select an Equity General Ledger Account. For additional information, see Select an Equity G/L Account.
[ Begin ] Press this button to start the preparation of the next fiscal year.
[ Cancel ] Press this button to cancel this operation and return to the the General Ledger Manager Main Menu.
Records Read: This is an informational field only which displays the total number of records read during this operation. You cannot edit the information in this field.
Records Added: This is an informational field only which displays the total number of records added during this operation. You cannot edit the information in this field.
Records Refreshed: This is an informational field only which displays the total number of records refreshed during this operation. You cannot edit the information in this field.
[ OK ] Press this button after the preparation of the next fiscal year has completed. It will return you to the General Ledger Manager Main Menu.
[ Help ] Press this button (if available) or the F1 key to view the Help text for this window.
