GCS Software LLC Open New Fiscal Year

G/L→Maintenance→ Open New Fiscal Year

The Financial Year Opening option opens the Financial Year for the selected Corporation and readies the system for the new financial period. This process must be run once per Corporation and financial year to enable posting to the new year. Transactional processes for the current (previous) period may continue and are not required to be posted (completed) before opening a new year.

CORP CODE: Corporate Code (required): Enter a valid Corporate Code (or use the lookup display window to retrieve the appropriate code by double clicking with the left mouse button or pressing F9). Press TAB CURRENT YEAR: Displays the current Financial Year for the selected Corporation.

NEW YEAR: Displays the next Financial Year available for opening. Press UPDATE. A warning box appears requesting final approval for the entry. Press OK to process or CANCEL to withdraw.

Note: There is no hard close for year-end; the opening of the new physical year triggers a roll forward, allowing the P&L revenues and expenses to roll into retained earnings. Any transactions that are made to any subsequent periods will also roll forward to the new year’s retained earnings.

1 | P a g e Open New Fiscal Year