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
Now you know how to close out the fiscal year in Pro Fund Accounting like a pro!
If your municipality requires a financial audit every year, it is recommended that you leave your old fiscal year open until that audit is completed. The reason for this is that the auditor most likely will have some adjustments to be made and it is easier to make those adjustments if the old fiscal year is still open. If you do decide to close out the old fiscal year before the audit is completed, then you will need to read our article on reopening a closed fiscal year before making those adjustments.
If you also run into any issues or error messages when closing out the old fiscal year, this could be an indicator that your funds are not setup correctly or are missing information. Please contact the Pro Fund Accounting support staff for help if you see any error messages when closing out your fiscal year.