Closing out the Year had a number of steps and different tasks that need to be performed.

Once you have setup the new year by entering or creating your expense accounts and entering your revenue you can start working in the new year.   Entering PO's, Paying Bills, Posting receipts etc.

The closing of the current year consists of a couple of steps

• running a final bills list
• cancelling any PO's that will not be rolled into the new year  (This process is detailed under Budget/Purchase Orders/ Year end processing of PO's)
• marking remaining PO's as  
  1. Rolled over PO's, 
  2. Payables  
  3. Processing these entries 
     

Once the Purchase orders are processed:

• The expense accounts should be reviewed and any transfers or other housekeeping that needs to be done should be completed.
•  Final reports should be run and examined.  Any errors displayed on the BSR should be brought to Genesis SchoolFi Help desk for resolution

Closing the General Ledger

Here are steps for closing the Ledger

1.  Go to  Budget/Account Maintenance/Closing Entries   If you get the Following Screen all of you accounting periods are not Closed

                      

2.  Go to Budget/Account Periods and make sure all 12 months are  closed. Once done, go back to Budget/Account Maintenance/Closing Entries

3.  To set up and configure your closing entries, on the Budget/Account Maintenance/Closing Entries screen click on the  button.  A setup page will appear and you can configure the general ledger that will be utilized for closing out your revenue and expenditure accounts.

4.  Once the configuration is done the closing entries are displayed.  Notice that the 300 and 600 accounts are resolved and the difference goes to 770 as either a CR or DR.  To proceed with the process click on "Create 20XX-XX Closing Entries" button

5.   Click on the "Create Adjustments in 20XX-XX for Starting Balances" button, 

Notice the message "The adjustment will not be posted".   The transactions are automatically entered into the Balance sheet adjustments screen for review, After reviewing the transactions can be processed.

Please ENSURE the transaction is balanced and if not, you can  "Add Entry" to Balance each fund OR you can add entry / delete an entry to finalize the opening entries.  When complete select “Post Transaction” to post the opening entries to the next accounting year.   

6.  You can review your General Ledger balances from the Financial Tab.

The process is now complete