Awesome! You made it! You’re at the end of the fiscal year for your organization and you’re thinking now what? What do I need to do to close out my previous fiscal year and start my new year? These are all questions that are about to be answered! This article will describe in a step by step process how to close out your fiscal year with Pro Fund Accounting. Let’s get started!
Follow these steps below to close out the current fiscal year and start your new fiscal year:
- Click on the General Ledger menu option across the top of the main menu
- Click on the Post Balances Forward link
- In the dialog that comes up enter the beginning date of the previous fiscal year. For example if your new fiscal year starts on 04/01/2021 then you would enter 04/01/2020 in the Previous Year Start Date field
- Then enter the starting date of your new fiscal year in the New Year Effective Date field. For example if your new fiscal year starts on 04/01/2021 then you would enter 04/01/2021 in this field
- Click on the OK button to close out the old fiscal year and start your new fiscal year
- Once you see the confirmation dialog, then the old fiscal year has been closed and the new fiscal year is in effect