Updated 11/19/21
Creating the chart of accounts for the new fiscal year
- Go to General Ledger > Utilities > Create New Fiscal year
This process copies the accounts from the current year to the new fiscal year that is created. It will also add a go to account for the next fiscal year to the same account in the current fiscal year. These go to accounts tie the years together and allow multi-year reporting.
- Fiscal Year: The accounts will be created for the year populated in the Fiscal Year field. The system determines the value by adding 1 to the current fiscal year found inSS > Utilities > System Setup > Fiscal Year.
- Create Only Active Accounts: It is recommended to select “No” to bring all accounts in the new year. Please refer to the online help documentation for more detail on how “Yes” will process.
- Copy GL chart attachments: User preference to bring attachments from current year to the new year.
- Copy VRI groups: VRI Groups are user-defined collections of General Ledger accounts. If you currently use these groupings inGL > Maintenance > VRI Group, it is recommended that you toggle this option.
- Select the check mark (OK button) to begin the process to create the new fiscal year..
It does not hurt to always check the Copy VRI Groups or Copy GL chart attachments even if none are set up.
- You will receive a warning asking if you are sure that you wish to create the new fiscal year. Accept this warning to create the new fiscal year.
If you receive an error message in the Job Scheduler that says Create New Fiscal Year and the status is “Error” with results displaying “Chart of Accounts records already exists for the XXXX fiscal year”, this means the that the Create New Fiscal Year Process has already been successfully processed previously and there is a chart of accounts for the next fiscal year available. Running this process after it has already been successfully run will not cause any functionality issues. Make sure the year in the error message is the year you are intending to create.
You can verify that the chart of accounts has previously been created by opening the Chart of Accounts in GL > Maintenance > Chart of Accounts and change the year to the year you were trying to create. Use Refresh to view the chart of accounts.
If you receive an error message in the Job Scheduler that says Every Fund must have a fund balance account you may need to check the Section Maintenance to delete any funds that do not exist in the current fiscal year. If the fund is still used you should add the Fund Balance account fromGL > Utilities > Setup to the fund.
Tip: Opening that window and unchecking and rechecing one of the toggles at the bottom will enable the save button. When saved, that window will display any funds that do NOT contain the fund balance account in the window.
After successfully creating the new fiscal year, if applicable, you can begin modifying the chart of accounts by adding or inactivating GL accounts, and creating new funds in the new year.
When the balances from the current year are rolled to the future fiscal year, the account balances are moved using the goto account attached to the GL accounts in the current fiscal year (goto accounts are attached to GL accounts using the Chart of Accounts Maintenance window inGL> Maintenance> Chart of Accounts). When you are modifying the chart of accounts, make sure the goto accounts in the current fiscal year point to the correct GL accounts in the future fiscal year.
After this process is run, any new account numbers created in the current fiscal year will display a message asking if you and the next years and go to accounts created. If you do not want the account in the next year you will say No and manually add the go to account to the record. Only a single year forward will be created. All others must be manually added to the future years.
