Close Fiscal Year

Close Fiscal Year is a process run to financially close a fiscal year. This system-generated journal entry closes (brings to 0.00) all general ledger income and expense accounts (profit/loss), and moves the balances into the selected capital account. The transaction code assigned to the journal entry upon posting is ZJE.

This process may be run anytime after the last day of your fiscal year, and can be run as many times as necessary for a single year.

Important Things to Remember:

  • Print any reports that affect the income and expense accounts (General Ledger, Balance Sheet, Income & Expense report, Trial Balance, etc.) before running the Close Fiscal Year process.
  • Close all accounting processes before initiating the year end process.
  1. Open the Financial Center.
  2. On the Actions menu, select Close Fiscal Year. The Fiscal Year End form appears. If other accounting processes are running in AMS360, you will get the message: Some accounting processes are running the system. You cannot run Fiscal Year end until completion of all those processes.
 

Vertafore recommends that you run the Close Fiscal Year process when all users are logged off of AMS360. If you verify that all users are logged off of the system and continue to receive this message, see Application Locks for instructions on clearing the processes that are causing this message to appear.
  1. Divisions with open fiscal years display in the Open Years by Division grid. Select the Run FYE check box for those divisions/fiscal year combinations you want to close.
 

Open fiscal year is defined as any division/fiscal year combination where any general ledger account number greater than 39999999 (all income and expense accounts) contains a non-zero balance.
  1. Using type-in-grid functionality, complete the Description and GL# fields, as necessary. The Description defaults to Year End Closing but can be changed. Then select the desired capital account for the general ledger income and expense account closing entries to post to.
  2. Click Run Fiscal Year End.
  3. When complete, the division/fiscal year combination appears in the Closed Years by Division section.
 

The Closed Years by Division section is a display-only grid displaying the division/fiscal years where the Close Fiscal Year process is complete. Only divisions for which you have security authorization appear in the grid.

Re-run financial reports (Balance Sheet, Income & Expense Statement and the Trial Balance) as of the year end closing date, to verify the closing entries and that the fiscal year end close completed successfully.

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