Year-End Utility

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The Year-End utility automates the process of closing the current year and opening the next. During this process, all income and expense accounts will have their balances set back to $0.00 for the new year.

All other accounts will have their ending balance calculated and copied to the beginning balance of the new year. It’s important to realize the distinction here. The ending balance and beginning balance are actually two different data fields.

So, if you make a change to a previous year after the Year End has been run, you have to re-run the Year End to make sure the beginning balance matches the new ending balance.

  1. Prior to running the Year-End Utility you should create a backup. See the page on “Backing up My Data” for more information.
  2. Click on “Utilities” in the menu bar and select Year End.
  3. After confirming that you have made a backup, the utility will open.
  4. Check the box to Close the current Fiscal Year and open the new Fiscal Year.
  5. Verify that the dates are correct.
  6. Verify that no one else is in the database and click Begin.”
  7. When completed, run Rebalance again for the current year.
  8. The Year-End Process in Finance is now complete and you are now working in the new fiscal year.

 

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