This procedure allows you to complete yearly tasks in General Ledger.
Until the General Ledger has been closed, you may not begin any activity for the new year for Accounts Payable, General Ledger, or Fixed Assets. Activity for Billing can be done for the new year up until the first fiscal month is closed if the Sales Analysis General Ledger Interface is set up. Accounts Receivable (Cash Posting) can be done for the new year prior to the closing of the General Ledger if the interface is not set up or is turned off.
If you are using the Payroll Interface to the General Ledger, be sure that the last payroll of the fiscal year is completed and posted. If you are ready to post the first payroll of the new year and you have not closed the General Ledger, you have to change the interface switch in Payroll to no. You will have to manually post the payrolls, or you could run the Final Registers for each payroll that was not posted after running the APGLEOY program. If you plan on posting later, you need to first discuss this with LMS Support.
Perform the normal end-of-month procedures for the General Ledger for the last fiscal month of the fiscal year. This should include the reconciliation of the General Ledger accounts (i.e. Accounts Payable, Accounts Receivable, Inventory, Cash, System Wash, etc).
The following reports should be run for the fiscal year. Note: These reports can be run after completing the end-of-year procedure. This allows you to do journal entries after closing the year and run the reports only once.
A. G/L Detail Report (GL-4-5)
CURRENT FISCAL YEAR? (Y/N/E) ___ Note: If you have not run the APGLEOY procedure, your response should be Y for yes. If you have run the APGLEOY procedure, your response should be N for No.
ENTER FISCAL YEAR ___ This prompt displays only if you entered N at the Current Fiscal Year prompt. Enter the last two digits of the year for which you wish to run the report (i.e., enter 94 for 1994). This report should be checked to validate that the debit amounts equal the credit amounts. If they do not match, please call LMS for correction assistance. The report is also used to validate the journal entries. If any errors in posting have occurred, they need to be reclassified. The LMS Support Department considers this a mandatory end-of-year report.
B. G/L Trial Balance (GL-4-6)
Current Fiscal Year (Y/N/E) ___ Note: If you have not run the APGLEOY procedure, your response should be Y for yes. If you have run the APGLEOY procedure, your response should be N for No.
Enter Fiscal Year ____ This prompt displays only if you entered N at the Current Fiscal Year prompt. Enter the last two digits of the year for which you wish to run the report (i.e., enter 94 for 1994).
Print:
O’pening Balances Only
A’ll Months
E’nd
Name Of Month (Ex: Jan) __A_
Enter Comments
OK To Proceed Y’es N’o __Y__
This report should be thoroughly checked. The first total must be zero (0). This means that the debit amounts equal the credit amounts. The second total should agree with the profit or loss on your income statement. The LMS Support Department considers this a mandatory end-of-year report.
C. General Journal Report (GL-4-7)
Current Fiscal Year (Y/N/E) ___ Note: If you have not run the APGLEOY procedure, your response should be Y for yes. If you have run the APGLEOY procedure, your response should be N for No.
Enter Fiscal Year ____ This prompt displays only if you entered N at the Current Fiscal Year prompt. Enter the last two digits of the year for which you wish to run the report (i.e., enter 94 for 1994).
Beginning Control No. (0=End) ____________ Input the estimated beginning control number for the year.
Ending Control No. (0=End) ____________ Input 99999999 (8 nines) for the ending control number.
The LMS Support Department considers this an optional end-of-year report.
Perform an end-of-year backup of the data files. This can be the previous night’s end-of-day backup if no General Ledger or Accounts Payable activity has occurred since the backup was done. Otherwise, a manual backup of all data files should be done. (There is no procedure to backup just Accounts Payable and General Ledger files).
For this step, no one can be in the Accounts Payable or General Ledger menus, in Cash Posting, or running the Final Payroll Register & G/L Posting Report (regardless of whether the interfaces are being used). This procedure copies the existing General Ledger data into a new file with the year of the data as part of the file name. It then copies the net changes for the year that is being closed into last year fields for the current chart. All General Ledger accounts are zeroed out for the new year. THIS PROCEDURE DOES NOT CREATE OPENING BALANCES FOR THE NEW YEAR.
To run the program:
If you have a password set up to access the Accounts Payable System Manager menu, enter the password. The APGLEOY program is selection #6 on the menu, AP/GL End of Year Procedures.
If you do not have a password set up to access the Accounts Payable System Manager menu, log into General Ledger and get a stop. At the > prompt type in APSY000 and press RETURN. The APGLEOY program is selection 6 on the menu, AP/GL End of Year Procedures.
Select number 6 on the menu. The following prompt displays:
Enter The Last Two Digits Of The Fiscal Year You Are Closing (Example: 1986 = 86 Or E’nd)
If your fiscal year ends in December and the year is 1994, enter 94. If your fiscal year ends in May and the year is 1995, enter 95.
If any of the General Ledger Files already exist for the year that is being closed, the program will not proceed. The message File Already Exists! Do NOT Continue! Call LMS For Assistance. Enter ‘CR’ To End will display. Call the LMS Support Department immediately.
When the program is complete, the following message displays.
The AP/GL end of year program is complete. Enter ‘CR’ To Return To Menu
A carriage return returns the cursor to the System Manager menu.
If there is any other message, contact the LMS Support Department immediately. Do not enter anything into Accounts Payable or General Ledger until the problem is resolved.
This step is to verify that the procedures have been completed properly.
Log into the General Ledger Inquiry (GL-2-1).
At the prompt Current Fiscal Year (Y/N/E), enter an N for no.
The prompt Enter Fiscal Year appears. Input the last two digits of the fiscal year that you closed (i.e.,94).
Input a General Ledger account number that you know had data and validate that the data has been transferred.
Log into Chart of Accounts File Maintenance (GL-3-1) and repeat the procedure.
If the files were transferred properly, you can begin entering data for the new year. If not, please call LMS support immediately. Do not enter anything into Accounts Payable or General Ledger until the problem is resolved.
If you are using the Fixed Asset module, you must run the Year-End Depreciation Schedule (FA-2-7) before running the Month-End Depreciation Schedule (FA-2-6) for the first month in your new year. This program adjusts the remaining life on your assets and zeroes out the current depreciation.
Additional Information
Opening Balance
The end-of-year program clears all General Ledger accounts of balances. Because of this, opening balances have to be entered for the new year. This can be done anytime after the closing of the year. You may begin working in Accounts Payable and General Ledger with out having opening balances for the accounts. The program to enter these balances is Entering Opening Balances (GL-1-2). The entries should be entered with a transaction date of the first day of the fiscal year.
Journal Entries for the Previous Year
You may make journal entries into the previous year. The following procedures should be followed.
Log into the General Ledger Entries program (GL-1-1)
Enter a transaction date which corresponds with the month and year of the journal entry. At the prompt Current Fiscal Year? (Y/N/E), input N for no. The prompt Enter Fiscal Year appears. Enter the last two digits of the year of the journal entries (i.e., enter 92 for 1992).
The prompt Update Current Chart Of Accounts Last Year Figures (Y/N) Y is displayed with the default of Y for yes. A Y for yes must be entered if you want to update last year’s figures in the current year’s chart of accounts. (Carriage return is not allowed.) The only time that N for no should be input is when a journal entry is being made for a fiscal year previous to the last fiscal year. For example, the current year is 1994. The last year files are 1993 or stored as 93. You want to make a journal entry into 1990. If you answered Yes to this prompt, the system would update the 1993 figures in the 1994 chart of accounts.
Reports that can be run for previous years
The General Ledger reports, except Sales Distribution (GL-4-11), can be run after the end-of-year procedure is completed.
Please call La Crosse Management Systems, Inc. if you have any questions. We appreciate your calls. (608) 784-8400.