Difference between revisions of "Year-End"
Jump to navigation
Jump to search
(initial save) |
|||
| (9 intermediate revisions by 2 users not shown) | |||
| Line 1: | Line 1: | ||
| − | [[Category: | + | [[Category:Accounting (Other Processes)]] |
<table class="infobox" cellspacing="5" style="background-color: #FFFFFF; width:27em; text-align:left; border-spacing: 2px; line-height:1.5em;"> | <table class="infobox" cellspacing="5" style="background-color: #FFFFFF; width:27em; text-align:left; border-spacing: 2px; line-height:1.5em;"> | ||
| + | <tr> | ||
| + | <td>[[File:Ic_description_black_24dp.png|link=Newton User Guide#Accounting (Other Processes)]] Newton User Guide: [[Newton User Guide#Accounting (Other Processes)|Accounting (Other Processes)]]</td> | ||
| + | </tr> | ||
| + | <tr> | ||
| + | </tr> | ||
<tr style="background-color: #bdbdbd; text-align: center; font-weight:bold;"> | <tr style="background-color: #bdbdbd; text-align: center; font-weight:bold;"> | ||
<td>Related Pages</td> | <td>Related Pages</td> | ||
| Line 10: | Line 15: | ||
<li>[[Journal Entry]]</li> | <li>[[Journal Entry]]</li> | ||
<li>[[Open or Close Month (GL)]]</li> | <li>[[Open or Close Month (GL)]]</li> | ||
| + | <li>[[Month-End Process]]</li> | ||
<li>[[Training 6: Accounting]]</li> | <li>[[Training 6: Accounting]]</li> | ||
<li>[[Training 7: Management]]</li> | <li>[[Training 7: Management]]</li> | ||
| Line 15: | Line 21: | ||
</td> | </td> | ||
</tr> | </tr> | ||
| − | |||
| − | |||
</tr> | </tr> | ||
<tr> | <tr> | ||
<td> | <td> | ||
<ul> | <ul> | ||
| − | |||
| − | |||
</ul> | </ul> | ||
</td> | </td> | ||
| Line 30: | Line 32: | ||
The steps required to close the final month of the fiscal year are the same steps required for [[:Category:Month-End|month-end processing]]. After closing the final month in a fiscal year, typically year-end [[#Entering Year-End Adjustments|journal adjustments]] are created. | The steps required to close the final month of the fiscal year are the same steps required for [[:Category:Month-End|month-end processing]]. After closing the final month in a fiscal year, typically year-end [[#Entering Year-End Adjustments|journal adjustments]] are created. | ||
| − | Agency Systems will automatically zero out your income and expense figures into retained earnings on the first month of your new fiscal year. '''This is automatic''', and displayed on the [[Report: Balance Sheet]] and [[Report: Income and Expense]] '''without any adjustment or year-end transactions required by the user'''. | + | Agency Systems will automatically zero out your income and expense figures into retained earnings on the first month of your new fiscal year. '''This is automatic''', and displayed on the [[Report: Balance Sheet|balance sheet]] and [[Report: Income and Expense|income & expense]] reports '''without any adjustment or year-end transactions required by the user'''. |
===Configure Fiscal Year-End (One-Time Setup)=== | ===Configure Fiscal Year-End (One-Time Setup)=== | ||
The fiscal year is configured within the [[Agency Profile]]. | The fiscal year is configured within the [[Agency Profile]]. | ||
| − | #Select ''' | + | #Select '''Setup -> Agency''' |
#Select or enter the '''Agency Code'''. ''(Typically: '''01''')'' | #Select or enter the '''Agency Code'''. ''(Typically: '''01''')'' | ||
#Select the '''Accounting Setups''' tab. | #Select the '''Accounting Setups''' tab. | ||
| Line 41: | Line 43: | ||
=== Closing The Fiscal Year === | === Closing The Fiscal Year === | ||
| − | [[Open_or_Close_Month_(GL)#Closing_a_GL_Month_at_Month-End|Close the final month]] of the fiscal year following the normal [[ | + | [[Open_or_Close_Month_(GL)#Closing_a_GL_Month_at_Month-End|Close the final month]] of the fiscal year following the normal [[Month-End Process|month-end process]]. |
Remember, year-end adjustments can be entered after closing the month, since months can be [[Open_or_Close_Month_(GL)#Open_a_GL_Month_.28Previously_Closed.29|re-opened as needed]]. | Remember, year-end adjustments can be entered after closing the month, since months can be [[Open_or_Close_Month_(GL)#Open_a_GL_Month_.28Previously_Closed.29|re-opened as needed]]. | ||
| − | If required, enter any year-end adjustments | + | If required, enter any year-end adjustments following the steps below. |
| + | |||
=== Entering Year-End Adjustments === | === Entering Year-End Adjustments === | ||
#[[Open_or_Close_Month_(GL)#Open_a_GL_Month_.28Previously_Closed.29|Re-open the last day of your fiscal year]]. | #[[Open_or_Close_Month_(GL)#Open_a_GL_Month_.28Previously_Closed.29|Re-open the last day of your fiscal year]]. | ||
Latest revision as of 21:16, 2 December 2019
 Newton User Guide: Accounting (Other Processes) |
| Related Pages |
|
|
The steps required to close the final month of the fiscal year are the same steps required for month-end processing. After closing the final month in a fiscal year, typically year-end journal adjustments are created.
Agency Systems will automatically zero out your income and expense figures into retained earnings on the first month of your new fiscal year. This is automatic, and displayed on the balance sheet and income & expense reports without any adjustment or year-end transactions required by the user.
Configure Fiscal Year-End (One-Time Setup)
The fiscal year is configured within the Agency Profile.
- Select Setup -> Agency
- Select or enter the Agency Code. (Typically: 01)
- Select the Accounting Setups tab.
- Verify Fiscal Year Begins is configured to the correct month.
- Select Save then Exit.
Closing The Fiscal Year
Close the final month of the fiscal year following the normal month-end process.
Remember, year-end adjustments can be entered after closing the month, since months can be re-opened as needed.
If required, enter any year-end adjustments following the steps below.
Entering Year-End Adjustments
- Re-open the last day of your fiscal year.
- Create the year-end journal entries using your fiscal year end date as the effective date.
- Return to Open/Close month to close the last day of your fiscal year.
- Re-print any desired month-end automatic reports
