Client Write-Up: Year-end Closing Procedures


Old Fiscal Year – OldYear (Example – 2010)

New Fiscal Year – NewYear (Example – 2011)

The following procedure assumes a fiscal year-end of December 31. To begin a fiscal year-end close, change the system date to December 31, OldYear. To perform a close in CertiflexDimension 10.1 – from the System Manager, click File, Start New Period Files

General Ledger has the most flexible fiscal year-end procedures of all CertiflexDimension accounting modules. You may start new General Ledger fiscal year files on the first day of the new year because General Ledger includes the ability to re-close a year at any time. During a fiscal year-end closing, the system will prompt for the retained earnings account to use for closing all revenue and expense accounts. The system will then create NewYear General Ledger files. You can now begin processing NewYear data simply by changing the system date to January NewYear.

Most businesses will require making adjusting entries to OldYear General Ledger after processing in NewYear. To make adjusting entries, change the system date to December OldYear and make the entries as required.

To reflect adjusting entries in NewYear, re-close OldYear files with a system date of December 31, OldYear. The system will recognize the close as a re-close and automatically update the adjustments to all periods of NewYear. Since the system never permanently closes a General Ledger year, you can re-close as often as needed.