|Newton User Guide: Accounting (Other Processes)|
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
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