Close the Financial Year

There are a few things you need to do to close the financial year.

Check the IRS tax limits

On the File menu, click Setup > Batch Number and Tax Limit Information. Check IRS requirements to ensure your tax limits are correct for the year you're closing.

Batch Number and Tax Limit Information screen showing options for the next batch number to use and fields for IRS substantiation regulations

Back up your data

  1. On the File menu, click Backup / Restore / Archive > Backup Data.
  2. Click Backup Data.
  3. Enter a reason for the backup, such as "Backup after closing the financial year".
  4. Select a backup method, and enter or select any relevant information.
  5. Click Start Backup.
  6. After your data is backed up, you can print the backup information for your reference.

Delete unused fund periods you no longer need

You can identify and remove fund periods that are no longer used. A fund period is considered "unused" by a family if they don't have any terms/rates or payments toward it.

  1. On the Information tab, click Contributions > Processes > Delete Unused Fund Periods.
  2. Select Use the Automatic Updating method to select a group of families.
  3. Select whether to delete fund periods from all funds, a certain fund, or a certain fund period. If needed, select a fund or period.
  4. Click Next.
  5. Select to remove unused fund periods for all families or only those who fit the conditions you add to filter the list.
    Note:

    For help with conditions, see the Additional Selections section in the topic, Report Selections.

  6. Select to include only active, only inactive, or all families in the process.
  7. Click Next.
  8. Review the list of unused fund periods. If you don't want to process a certain family, clear the checkbox beside their name. When you're ready, click Next.
  9. To delete unused fund periods for the selected records, click Finish.