After the new year has been created in Common Services, and all the journal entries and reconciliations have been completed, what is the process for moving the GL into the New Year?
You need to be the only user in the database. Backup the data. (see Good Backup Ideas) Go to GL Setup / Options and check the Posting Tab. Confirm the number of years of fiscal sets and transaction detail that you want to keep in the GL. The maximum number of years is between 7 and 99 depending on the edition of Sage 300 that you are using. Next, go to GL Periodic Processing / Create New year. This function will do the following:
- create the new account set for each account for the new year
- remove history based on the number of years specified on the GL Setup / Options / Posting tab.
- create and post journal entries for all accounts with the Type - Income Statement to zero out the balance and transfer it to Retained Earnings.
- change the current fiscal year to the new year
If the process gets interrupted or if it fails to complete successfully, you will need to restore from backup and start again. If you do not have a backup, you will require a data repair.
When the process has been completed, a message box will popup with the details of what has been accomplished. You can confirm the new year by checking on the GL Setup / Options / Posting tab - check the 'current fiscal year' setting. Open the GL Batch List to see the batch created. The description of the batch will be CLOSING ENTRIES FOR 2015 (or whatever year you have just closed). This batch will already be posted. You can print the batch for your records or for your accountant.
Now you are ready to proceed with the new year.