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Can the End of Year Closing Process be run Automatically?
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I am not through processing my General Ledger for last year, but I have to keep remembering to run End of Year Closing so my balances in the new year are accurate. What can I do?
Answer:
The FIMS Automatic EOY Processing System Option for the General Ledger module allows FIMS to automatically run End of Year processing when Journals are posted for a Fund in one fiscal year, and GL records exist for that Fund in the next fiscal year. If you turn this on, you will not have to remember to run End of Year processing each time entries are posted to the old year. However, you do have to run the regular GL End of Year Closing utility at least once to set up the new GL accounts per the documnentation below:
What are the end of year closing procedures?
Many problems in FIMS reporting can be cleared up by running the End of Year Closing process. One way to keep from constantly thinking you have a problem in the new year when in fact you do not is to turn on the Automatic End of Year Closing process. When turned on, this process will automatically run End of Year Closing after every GL journal posting for the funds involved with that particular posting.
Typical issues that have been resolved by running End of Year Closing include, but are not limited to:
What are the end of year closing procedures?
Many problems in FIMS reporting can be cleared up by running the End of Year Closing process. One way to keep from constantly thinking you have a problem in the new year when in fact you do not is to turn on the Automatic End of Year Closing process. When turned on, this process will automatically run End of Year Closing after every GL journal posting for the funds involved with that particular posting.
- To turn the option on go to Tools > System Utilities > System Options.
- Choose GL in the first column.
- Choose Automatic_EOY_Closing in the second.
- Select Yes in the last column.
Typical issues that have been resolved by running End of Year Closing include, but are not limited to:
- FACTS to GL Comparison Report variances
- Check reconciliation issues
- Fund Balance reports out of balance
- Balance tabs in the Fund module showing ending balances for one year not equal to the beginning balances for the next year
- Payable balances showing liabilities that shouldn't be there
- Reconcile Subsidiary Modules with GL Report having errors in the payable sections
- Inaccurate financial statements
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