Period End

Close each month of the fiscal year to prepare for year-end. Then, close the year, too!

A fiscal year is a twelve month period in which you record transactions and prepare financial statements. Your fiscal year may or may not be the same as a calendar year, which ends in December.

At the end of each fiscal year, you must close the books in the general ledger. Doing this also closes out your income and expense accounts.

Although the balance sheet for the new year will not display as out of balance if the previous year isn't closed, it's best to close the year before you work too far into the new year. This way, once you reconcile your transactions from the previous year, the new year's data is better protected against accidental changes.

Close the Month

Closing the month prevents any further posting to the closed month, and advances to the next fiscal month. When you eventually close the year, the final month of the fiscal year will also automatically close.

You must have accounting administrator or the appropriate accounting specialist permissions to perform this task. Before you close the month, be sure to:
  • post all transactions
  • print all checks
  • reconcile bank accounts
  • print month-end reports
  1. Click Accounting > Period End > Period Closing.
  2. Click Close Month.
  3. To confirm closing, click Close Month Now.

Close the Year

Closing the year will also simultaneously close the final month of the fiscal period.

You must have accounting administrator or the appropriate accounting specialist permissions to perform this task. You must also be in the final month of your fiscal year. Before you close the year, be sure to:
  • enter your budget for the new year
  • post all transactions
  • print all checks
  • reconcile bank accounts
  • prepare 1099s
  • print year-end reports
  1. Click Accounting > Period End > Period Closing.
  2. Click Continue to Step 2.
  3. Verify the closing account for each core account.
  4. Click Continue to Step 3.
  5. Review the list of debits and credits.
  6. Click Close Year Now.
  7. To confirm year-end closing, click Close Year Now again.

Post to the 13th Month

Post transactions between the last month of your previous fiscal year and the first month of your new fiscal year. Any entry in the 13th month will not change the ending balance of the previous month but will alter the beginning balance of the new fiscal year.

You must have accounting administrator or the appropriate accounting specialist permissions to perform this task.
  1. Click Accounting > Transactions > General Ledger.
  2. Click Expense, Income, or Other.
  3. Select Closing Entry as the Transaction Type.
  4. In the Account field, begin entering each account segment then select it from the list that displays as you type. The fund and core account are required, but the other segments are optional.
  5. In the Debit or Credit field, enter the amount.
  6. Optional: Enter a Comment and select a Project.
  7. Click Add Lines if the transaction is split across more than one account.
  8. Optional: Enter a description to describe the transaction.
  9. Click Save & Add Another.