SmartFusion Modules > Accounting > Fund Ledger > Maintenance > Year End Close

Recent Changes:  
6.217 - Added functionality to run the Year End Close within the 10 days to the fiscal year.

6.163 - Modified code to allow balance forward records to be written for all account types for capital project funds. Currently balance forward records are written only for account types Asset/Liability/Equity. Also if the clear budgets checkbox is checked, it will not clear/reset the budget amount to 0 for accounts associated with capital project funds.

Introduction

This form allows the user to close the Fiscal year.

Input Criteria

• Select Process - Print Only(Default)/ Print and Update/ Update Only. Print Only will print a list of any exceptions (funds with no fund balance accounts). We recommend you select Print Only first to make sure you do not have any exceptions prior to selecting Print/Update or Update Only. When doing the print only you should get a message that states ‘No Errors Found”, if you see this then you are good to go. If you select Print/Update or Update Only, the system will still verify the fund balance information and halt the process until the funds are edited if necessary.

• Enter the year-end closing date- The last day of the current Fiscal year.

• Clear budget amounts- If your organization has the Budget Prep Module, when you close fund ledger, the Clear Budget Amounts will not affect the New budget amounts in Budget Prep. It will clear out any amended budget changes to keep them from carrying forward from last year’s FL into the new current year’s budget.