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excludeRDP Setup - Hosted Server

 

Creating Periods 

Creating General Ledger Periods for a New Year

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Creating Periods 

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

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  1. 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

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From the Top Tool Bar

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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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  • Appropriate security rights are required to open and close periods.

  • Reopening and

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  • 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. 

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  1. From Left Menu

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  1. :

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    • .

    • In Step 4, confirm the year end is correct

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    • .

    • Click Next.

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Notes: 

  1. When you search the company in Step 2, you will only see companies set up in your system.

  2. When you search the Retained Earning in Step 3, you will only see Equity Type Accounts listed.

  3. 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. 

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  1. The next screen will display the accounts and amounts to clear

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  1. . 

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  1. In the next screen select Finish

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  1. . Once 100% processed, select Preview to preview the batch > Review or print the batch > select Post to complete the process. 

Notes: 

  1. You can sort the screen by clicking on the column heading name.

  2. Back will take you back one screen to make changes.

  3. Click Cancel if you wish to stop the process and exit the End of Year Wizard.

  4. 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.

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Downloadable Guide

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