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Overview

Content

In this guide, you will learn how to Create, Open, Close Periods and run the End of Year procedures in Office.

Creating Periods 

Creating General Ledger Periods for a New Year

1) From the Top Tool Bar Select General Ledger > Budgets > click the Plus Sign > Enter the year to create the periods > Click OK. 

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2) You will be prompted to confirm this is what you want to do > Yes > Close to exit. 

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Notes: By default, the Periods are closed when they are created and will need to be opened before you can post batches to the new periods.

Opening and Closing Periods 

Open or Close General Ledger Periods

1) From the Top Tool Bar Select General Ledger > Periods > Double-Click on the Period you wish to open or close > Uncheck or check the Closed box (if the period is closed it will have a check mark) > Save and Close to exit screen.

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Notes:

• • Appropriate security rights are required to open and close periods.
  • Reopening and Reclosing Periods must be done in sequential order. For example: if you are in period 4 and want to reopen period 1, you will first need to reopen period 3, 2, then 1. To reclose the periods you will need to close period 1, 2, then 3.
  • Once you close a period, you will not be able to post batches to the closed period; you will need to reopen the period to post the batch. 

Year End Wizard 

The Year End Wizard will reset the income and expenses for the new year and create a journal entry to record the retained earnings. The Year End Wizard must be run before you run financials for 1st period of the new year. 

1) From Left Menu select General Ledger > Year End Wizard > Enter the information for Steps 1 – 3 > In Step 4, confirm the year end is correct > Click Next.

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Notes: 

• • When you search the company in Step 2, you will only see companies set up in your system.
  • When you search the Retained Earning in Step 3, you will only see Equity Type Accounts listed.
  • All Income & Expenses will be reclassified to a single retained earnings account. If any portion of that entry needs to be made in other Equity Ledger accounts, then an additional Journal Entry will need to be created manually for that reclassification. 

2) The next screen will display the accounts and amounts to clear > Next. 

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3) In the next screen select Finish > Once 100% processed, select Preview to preview the batch > Review or print the batch > select Post to complete the process. 

Notes: 

• • You can sort the screen by clicking on the column heading name.
  • Back will take you back one screen to make changes.
  • Click Cancel if you wish to stop the process and exit the End of Year Wizard.
  • If a user creates a year end batch, and closes out of the Year End Wizard without posting the batch, the batch will be deleted. This function was implemented to prevent users from creating year end batches and reusing them as regular journal batches.

Best Practices

Create New Fiscal Periods prior to running your Year End Wizard.

Ensure to re-run the Year End Wizard if additional entries are posted to the prior year, so adjustments properly flow through to the new fiscal period.

FAQs

Q: Can I post batches for the new year before running the Year End Wizard?

A: You can post batches for the new year before you run Year End Wizard.

Q: Can I close the 12th period prior to running the Year End Wizard?

A: Do not close the 12th period until you have run the Year End Wizard: if you closed the period, simply reopen following the steps in the Closing and Opening Periods section above.

Q: What if I need to make adjustments to the previous year and I have already run the Year End Wizard? 

A: If you need to make adjustments to the previous year after you ran the Year End Wizard, simply reopen the period (all subsequent closed periods must be reopened too). Example: If you are in June 2018 and need to reopen November 2017, you will need to reopen all closed periods in 2018 and December 2017 before you can reopen a batch or make a new JE in November 2017. Follow the steps in the Closing and Opening Periods section, make your adjustments, and then rerun the Year End Wizard.

Q: How many times can I run the Year End Wizard? 

A: You can reopen periods and rerun the Year End Wizard as many times as you need. The system will only find what needs to be cleared out and never creates duplicates, so it is safe to run the Year End Wizard Multiple Times. Please Note: Running the Year End Wizard does not close periods. 

Q: Can I generate 1st period financials prior to running the Year End Wizard? 

A: The Year End Wizard must be run before you run financials for 1st period of the new year.

Q: I already started a Year End Wizard, but cancelled out, and now cannot find my previously started batch - where is it?

A: If a user creates a year end batch, and closes out of the Year End Wizard without posting the batch, the batch will be deleted. This function was implemented to prevent users from creating year end batches and reusing them as regular journal batches.

Downloadable Guide

End of Year Instructions

Table of Contents

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Overview

• Users must ensure all Club financial records match the corresponding bank statement before the close of the month. In order to do so, they must use the Bank Reconciliation Wizard, accessible in the General Ledger module within Office.

Required Permissions

• General Ledger

• Bank Reconciliation Wizard

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Accessing Bank Reconciliation Wizard

1. To access the Bank Reconciliation Wizard, select General Ledger from the left hand menu. 

2. Next, select Bank Reconciliation Wizard. This will populate a grid that shows all existing and saved Bank Reconciliations from the past.

Creating a New Reconciliation

1. Select New on the top left.

2. Next, set the date to the end of the month that is to be reconciled.

3. Utilize the Include checks printed after As Of date option to include/exclude checks that were printed after the bank rec was completed.

4. Set the Account Number to the corresponding General Ledger (G/L)  account by typing it in, or selecting the magnifying glass icon.

5. Enter the ending bank balance from the bank statement that corresponds with the date chosen.

6. The system will then pull in the balance on that G/L account, as of the date selected.

7. On the left hand side, labeled Checks, all checks written from that G/L account, that have not been flagged as reconciled, will display. Now, mark each check that has cleared.

   • If a check is voided, it will show on this side with an asterisk, that denotes it was voided. There will be a corresponding entry on the other side that you will check to keep it in balance.

8. As you mark off the checks, the outstanding checks balance will change and adjust the total on the Bank Balance section.

9. On the right hand side, all the journal entries that would be part of this G/L account will show as a debit or credit as it was posted in the batch.

10. The information that was posted to this account from any of the sales journals from the POS will show here, with CC types, Cash, etc. broken out to allow users to quickly reconcile the amounts. As batches are checked, the outstanding deposit amount will change in the bank balances box.

11. Once everything is in balance, Save/Exit. The system will show that everything is in balance and will be ready for the next Reconciliation.

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Best Practices

• Only work on one bank reconciliation at a time for each bank account. Complete the reconciliation before proceeding to the next month.

• Users can stop and start the bank reconciliation process at any time. Users can Save/Exit and will receive an out of balance warning. Once they are finished, they can print the bank rec report and save it.

• Users can print out a list of which line items they have checked off on either side during the process by using the filters on the grid show only what is selected. Then, right click and export the grid and print.

• Only one Bank Rec can be open at a time, and Users can only reopen the last rec completed for that account.

• For an account to show in the list to be reconciled, it has to be set up in the G/L and set as Checking or other banking. General type will not trigger the system that it needs to be reconciled. Type is listed when viewing a G/L account from General Ledger across the top, then Accounts and you have opened the account window.

FAQs

• Q: What if I need to reopen the Bank Reconciliation after I have closed and finished?

• A: If you need to reopen the bank rec after you have closed, go to the Bank Reconciliation Wizard grid where you see all the bank recs. Click on the last one you completed for the account you are needing to make changes. Click on it ONE time, just to anchor it (will be highlighted). Now, hit the delete key on the toolbar. A message will pop up confirming deletion, select yes. A second message will pop up to let you know that the bank rec has been uncompleted and you select ok and close the window and IMMEDIATELY hit the refresh button on the toolbar. Now, that bank rec will show as NOT completed and you can go into it and edit or adjust. All that was done in this process was to unpost and delete the Adjustment batch that might have been created when you first closed it. Again, just click on the bank rec you want to re-open ONE time in the grid, hit the delete key ONE time and then be SURE you hit the REFRESH button before you do anything else (after closing out of all the prompts).

• Q: What if I have an Entry that needs to be made after the Bank Reconciliation?

• A: Users can add an Entry in the Adjustment section along the bottom of the window, as seen below. Entering the adjustments will affect the other side of the entry for the G/L account being reconciled. The journal entry for the adjustment will not be made until you complete the Bank Reconciliation.

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