Fiscal Year-End Information
The Month-End close for the 12th month of your fiscal year will automatically run the Year-End process at the completion of the month-end close. In addition, the Accounts Receivable (only) will be closed at this time.
The Accounts Payable and General Ledger will not automatically close with your fiscal year-end. The earliest Accounts Payable and the General Ledger can be closed is the first day of the first month of the fiscal year.
If your fiscal year coincides with the calendar year, run the month-end close on the last day of the month (i.e. December 31), at the completion of the month-end close, the year-end close will automatically run and will close your Accounts Receivable only, at that time.
NOTE OF CLARIFICATION: EOD/EOM/EOY can be run in the days prior to December 31. For stores whose fiscal year-end is the month of December, the year-end process will automatically run as part of your December month-end, no matter what date you run the December month-end close. The fiscal year-end close will run after the LAST NORMAL BUSINESS END-OF-DAY/MONTH. You do not need to run the month-end close specifically on December 31st. Keep in mind, whatever date you pick to close EOM/EOY will be the last day of the FISCAL year. For example, if you close EOM/EOY on December 29, any sales activity on December 30 and 31st will be in the upcoming fiscal year.
Closing Accounts Payable Prior to entering any Accounts Payable in the new fiscal year, we do recommend you close both the month-end and year-end Accounts Payable. The reason for not entering any payables for the new fiscal year before closing the previous year is that the buckets in 13.5, which track year-to-date totals and last year totals, will not be accurate. In addition, you must close the AP for the month/year before closing the General Ledger.
Closing General Ledger General Ledger entries should not be made between the month and year-end close. Furthermore, the Accounts Payable and General Ledger close do not have to be done at the same time.
The AIX backup tapes are now created during the system restore process, there is no need to create an AIX backup tape during the year-end close.
Click on the links below for the steps to close Accounts Payable and General Ledger.
