Preparing for the Year End


The year end process in Finance is the act of closing the current fiscal year and opening next year’s fiscal year.

After you have closed the current year, you will no longer be able to add, edit, or delete transactions for that year without rolling back your fiscal year or restoring a backup from before you ran the year end utility.

For this reason, we have included a checklist of things you need to check prior to completing the year end process.

» Reconcile bank accounts. This step will help ensure that your records match the banks.

» Verify all checks, deposits, and journal entries have been entered for the year. If any items are missing, they should turn up during the reconciliations.

» Run “Rebalance” for the current year. Everyone must be out of Finance to run Rebalance. See the page “Rebalance Utility” in the Reports section for more information.

» Print at least the following financial reports: Statement of Income & Expense, Balance Sheet, and General Ledger.

» Verify that the reports and account figures are correct. If they are not, make any necessary changes, and then reprint these reports.

» Repeat this process until your data is accurate.