The Close Accounts screen allows users to close accounts based on Fiscal Year, the selection of General Ledgers, and the selection Into Account (pull-down of liability General Ledgers).
1. From the Setup menu, click Close Accounts.
2. From the Close Accounts tab, select the applicable Fiscal Year from the pull-down.
3. Select the account(s) you would like to close from the Close Account(s) pull-down.
For each Close Account, if it is a liability account, then the journal reflects the sum of the credits subtracted by the debits for the fiscal year for each fund and creates a line that debits the total amount.
If the Close Account is an asset account, then the journal reflects the sum of the debits subtracted by the credits and makes a line that credits the total amount.
4. Select the Into Account from the pull-down.
The Into Account reflects the sum of the debits created above subtracted by the sum of the credits created above and makes a line that credits for that amount.
5. Click Create Manual Journals.
When accounts are closed, a manual journal draft that has a 1-sided line is created for each Fund and each Close Account, and each Fund and the Into Account. The journal date is the last day of the fiscal year selected. Note: If an accounting strip does not exist for a fund, then it will be created.
6. Once a manual journal draft is created, click the link to view and submit the draft via Budgeting/General Ledger > Manual Journals or Internal Account Manual Journals. Manual Journals must be submitted and approved to complete the close process.
Journal lines with a $0.00 amount will be skipped, as well as Internal Accounts entries.