A New Year should be started the beginning of every New Year. The year should be closed after all adjustments for the year are complete. Only the current and prior year may be open at the same time.
Start a New Year
To start a new year, click the “Start a New Year Button” and the new year is opened. You may not start a new year if the prior year is not closed. To verify if the prior year is closed, open the “System Master File” and review “Prior Year Closed”. Starting a new year increases the “Current Year” by 1 and changes the “Prior Year Closed” from “Yes” to “No”.
Close the Year
To close the year, click the “Close the Year Button” and the prior year is closed. You may not close the year if the prior year is already closed. To verify if the prior year is closed, open the “System Master File” and review “Prior Year Closed”. Closing the year changes the “Prior Year Closed” from “No” to “Yes”.