Before running the utility, take the time to look for funds that need to be retired. If possible, retire them before running the utility for the first time for the new year. The End of Year Closing utility performs the following functions:
- Creates a set of general ledger accounts records for the new year, based on the current year's accounts. If an account is set as inactive and would have a zero beginning balance in the new year, the utility will not create it for the new year.
- Establishes the beginning balances for the balance sheet accounts in the new year. The ending balance for the old year automatically becomes the beginning balance for the new year.
- Closes the revenue, expense and transfer accounts to the appropriate fund balance accounts in the new year.
- Creates a zero beginning balance for revenue, expense and transfer accounts in the new year.
- People do not need to be logged out of FIMS when the process is running, but people should not be posting in the GL.
The attached documentation will provide instructions for running the utility and explains what is happening in your General Ledger when this is run. The documentation also provides information on other procedures that need attention at year end for your organization:
- General Ledger calendar
- Automatic EOY Processing
- Closing Modules by Date
- Rolling asset rebalancing targets forward
- Clearing 1099 Adjustment Amounts
- Updating future years accounts
- Running reconciliation reports
- Forwarding grant numbering
- Auto-creating grant applications
- Creating recurring grants from fund distributions
- Recurring tickles