The "Close finance year" utility will perform the necessary functions to close your current fiscal year and open the new one. Specifically, this utility will create the beginning balances for your next fiscal year by taking your ending balances from your current fiscal year and making those the beginning balances for your new fiscal year for your Asset, Liability, Equity and Dedicated accounts. As for your income and expense accounts, this utility will make sure that these accounts start the new fiscal year at a 0 dollar balance. When you close your finance year, you can no longer make any changes to any transactions from that finance year you closed, you cannot void any transactions from that finance year, and you cannot create any new transactions within that finance year.
It is highly recommended before you run this utility that you create a backup of your Shepherd's Staff database. For instructions on how to make a backup of your database, check out our article on Backing up your Database.
Note: Your login must have supervisor privileges' to the Finance module in order to run this utility.
- Click on the "Tools/Settings" tab in the Finance module, and then click on the radio button for "Close finance year 'XXXX'" where 'XXXX" is your current finance year, and then click "Start".
- A window will appear warning you to make a backup of your database. If you have already made a backup, click "Yes". If you have not made a back up yet, make a backup of your database, and then return to this window and click "Yes".
- A window will appear letting you know that you've advanced your finance year. Clicking OK will close the Finance module, and when you reopen the Finance module, you'll be in your new Finance year.