Rolling over the General Ledger

After all other Budget >>>  Rollover steps are complete, the final task is to roll over and close the General Ledger.  The first step, is to ensure all 12 accounting periods are closed.  Theis can be verified / updated on the Act. Periods tab.  

Configure Closing Entry Options

Click on the highlighted button to access the settings pop up box.  For each Fund in the system, you have the following options for closing out the general ledger:

The options are:

• Zero Out - control accounts are zeroed out.  
• Close to 770 - control accounts are closed out and posted to 770

Review the Proposed Closing Entries

Navigate to the Closing Entries tab and you can review the current balances and the proposed Closing General Ledger entries based on the options the District selected.  Review all of the activity for all funds.  Then click on the Create Closing Transactions button to create the Balance Sheet Adjustments. 

Posting the Open General Ledger Balances in the Succeeding Year:

Click on the button highlighted below to create the Starting Balance Adjustment in the succeeding year.

The system will take you to the succeeding year and you can review the Balance Sheet adjustment (before posting).  The District has the ability to make any modifications to the adjustment and to post the Starting balances, scroll to the end of the transaction and clock on the Post Transaction button.