General Ledger Year-End Procedures
Procedures for ACS General Ledger module at year-end.
The ACS General Ledger module provides financial recordkeeping and report functions specific to the needs of nonprofit organizations.
General Ledger provides for all regular accounts and restricted funds that are not income or expense, but are designated for a specific use. It meets all Generally Accepted Accounting Principles (GAAP) and adheres to the accounting and reporting standards as set forth by the Financial Accounting Standards Board (FASB). ACS General Ledger also supports FASB 116 and 117 reporting requirements for nonprofit organizations.
You can also enter budgets as a part of your year-end closing procedures. You can distribute budgets by month to represent seasonal variations in your accounts, and you can edit them in Excel or copy them from previous years. In addition, it's important to print or save several reports as a part of year-end procedures, including the Chart of Accounts - Detail report.
General Ledger is the last module to close, so make sure you post all transactions before closing the year.
You should also verify that all revenue and expense accounts have a fund attached to them, and each fund in Define Lists must have a different Fund Principal account attached to it. Working in a new year without closing the previous year causes the balance sheet to appear out of balance. This continues until you perform year-end closing.