Create a New Year
Create New Year creates a batch of transactions and posts them.
Before
you start
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You must create a fiscal calendar for the next year using the Common Services Fiscal Calendar form before you use this form.
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If creating the new year would result in too many years of data, you must first clear some of the earliest years of history using the Clear History form, as transaction history is not cleared when you create a new year.
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Back up your data.
To create a new year:
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Create a fiscal calendar for the next year. (Click Common Services > Fiscal Calendar.)
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Click General Ledger > G/L Periodic Processing > Create New Year.
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Click Proceed. (Each closing detail is assigned the source code GL-CL and is posted to period 15.)
After
creating a new year
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Once the new year has been created, print the Posting Journal. The journal lists all closing transactions, showing the retained earnings account to which each closing balance was transferred. (For accounts closed by segment, the journal also lists the segment name with each detail.)
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Define and print a source journal that lists only the entries associated with the closing source code, GL-CL.
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Print and clear the Batch Status report, selecting all statuses.
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Print the opening balance sheet and other reports you need to start your records for the new fiscal year.
Additional
information
If G/L Security is turned on, note that the Create New Year function does not check account permissions.
If you have multi-segment account numbers:
If you have multi-segment account numbers, you specify the retained earnings account to which an account is closed by providing information in three separate windows. You:
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Specify that the segment is used in closing (on the Segments tab of the G/L Options form).
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Specify the retained earnings accounts to which different segment codes (for example, different departments) close. Use the Segment Codes form.
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Specify for each account the segment you want to use for closing (on the G/L Accounts form).
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You can have as many retained earnings accounts as you have account segment codes.
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If you do not choose an account segment for closing, Create New Year will use the default closing account defined on the G/L Options form.
If you have single-segment account numbers:
All accounts are closed to the default closing account specified on the G/L Options form.