Organization Database Close Fiscal Year

To open the Fiscal Year tab, click Fiscal Year on the tab bar at the top of the Organization Settings form with Database selected on the left.

Use this form to close the specified fiscal year. When you close the fiscal year, the system uses the ending balances for the year being closed to create opening balances for the new year. The closed year is not removed from the system, and you can still print reports on the closed year.

Check for Errors

Before closing the fiscal year, check for any outstanding items or errors. All errors must be addressed prior to closing the fiscal year.

Close Fiscal Year

Once all errors have been corrected, the Close Fiscal Year button becomes available.

The following items should be considered before the fiscal year is closed:

• Void any checks that are not expected to clear in the future.
• Post sessions related to the year being closed.
• Print the Balance Sheet and Statement of Revenue and Expenditures for posting-closing comparison.