Updated 11/19/21
Fiscal Year system basics
- Fiscal Year is set inSystem Wide Access > Utilities > System Setup.
- Fiscal Year set here will set the default for General Ledger Chart of Accounts display year.
- Fiscal Years should not bechanged in this window unless you are needing to set them back to reset the fiscal year a second time.
- Fiscal Year End Reset process should be run to reset the year.
Create New Fiscal Year
- This process commonly is done when starting budget preparation.
- OpenGeneral Ledger > Utilities > Create New Fiscal Year.
- The next fiscal year is in the Fiscal Year field. If it is not, check the current fiscal year change the year in System Setup.
- Create Only Active Accounts Used to eliminate inactive accounts from the next fiscal year. Be cautious about using this option.
- This option changes the Go To account to the account input in the Inactive Accounts Go To field. That field is inactive unless Create Only Active Accounts is Yes.
- Copy GL chart attachments
- Will copy any attachments on GL accounts to the account when created.
- Many clients do not attach items to GL accounts.
- Copy VRI groups
- Will copy all VRI groups to the same accounts in the fiscal year created.
- If forgotten in versions 7.15+ use theRefresh Account Settings in GL > Utilitiesto copy.
- ClickOK (green check)to proceed.
Accept Create
- System will ask if you are sure you want to create the new fiscal year.
- Click Accept to proceed.
- A job will process in the job viewer.
- A potential error is that there is no fund balance account for a fund.
- Check Maintenance > Section to delete unneeded fund sections.
Fiscal Year End Reset Process
- Fiscal Year End Reset is found inGeneral Ledger > Utilities > Fiscal Year End Reset.
- When running the process make sure the years are correct. For example, if fiscal year needs to be 2022 (in the example) make sure the New Active Fiscal Year is 2022.
It is no longer required to run the Fiscal Year End Reset process when everyone is out of the system. Best practice is to run it early morning or late after with minimal employees in, but the system will process properly even if others are doing work. The system will not include any uncommitted entries in the process.
Roll adopted budget to current
- If using budgets in Springbrook, make sure to check the box to “Roll adopted budget to current” during the fiscal year reset.
- Must be done to move the budget to the current year.
- If the budget is not completed, change the fiscal year back when completed and run this process again without any negative consequences.
Make sure to NOT do any budget adjustments in the new fiscal year before resetting the year again.
- When desired choices are marked, click the OK button to run the process.
- A job will be run in the job scheduler.
Results of Fiscal Year End Reset
- Adopted budget will be moved to the budget field in the new fiscal year if that option was marked.
- Revenue and Expense balances will be rolled into the fund balance account for each fund (unless using budget groups for multi-year budgeting).
- Ending balances of balance sheet accounts will be rolled to beginning balances for the new fiscal year.
- No journal entry will be created but you can check the amounts by running a balance sheet for the prior fiscal year and compare the fund balance changes to the retained earnings amount on the balance sheet.
Potential errors
- Newer versions will display an error if the chart of accounts doesn’t exist for the New Active Fiscal Year.
- If there is an error, be sure to stop and evaluate before proceeding.
- If no chart of accounts records exist for the New Active Fiscal Year and error will display in the job viewer and the reset will not occur. This is a relatively recent change to the system..
