© 2002 ~ Condor Systems Inc ~ 905 854-4000

FMS Support ~ General Ledger Year End

type GLX.MENU at ECL or enter GL through main menu

set the fiscal period for GL to 'CLOxx' where 'xx' is the year being closed (e.g. CLO98 for 1998). Use 'Set Fiscal Period / Year' from the 'Period End Processing' option on the GL menu

select 'Year End Processing' from the GL menu

run 'Generate Year End Closing Transactions'. This process will create postings to close out the Income and Expense accounts to the Retained Earnings account(s)

return to the GL menu and run 'Perform G/L Update' to post the closing transactions

advance the fiscal period for GL to the first month of the new year

return to the 'Year End Processing'

run 'Advance G/L File Year'

Note:

The GL is capable of having 3 fiscal years open at one time (Last Year, This Year and Next Year). It is not necessary, therefore, to close the GL immediately at year end. You may continue to process transactions for an additional year before the closing becomes mandatory.