[GL] Closing the Fiscal Year in General Ledger

Steps

1. Creating a New Fiscal Year

   1. Navigate to GL → Programs → GL Fiscal Years.

   2. Enter the Fiscal Year Ending Date for the new fiscal year (e.g., for the 2025 fiscal year ending in December, enter 12/25).

   3. Enter the Beginning Month (e.g., 01/25).

   4. Click Save and Close.

1. Closing the Final Month

   1. Navigate to GL → Programs → GL Month End Close.

   2. Specify the Close Through Month (e.g., 12/24) to close both Subledgers and the General Ledger.

   3. Click Close Check to verify all modules for potential issues, such as open batches, before completing the close.

1. Updating Beginning Balances

   1. After closing the month, navigate to GL → Programs → GL Beginning Balance Update.

   2. Enter the Initialize Fiscal Year Ending date (e.g., 12/25 for the new fiscal year).

   3. This process transfers profits to Retained Earnings and carries forward other balances to the new fiscal year.