SB Enterprise Help Center

GL Create a New Fiscal Year

Updated on

Summary

The Create a New Fiscal Year process (GL> Utilities> Create a New Fiscal Year) is used to copy the current chart of accounts to a future fiscal year. Once this process is run, you can create budgets for the future fiscal year chart of accounts.

You must have a fund balance account set up in each fund of the current chart of accounts before you can run this process. The account number of the fund balance account is set up in the Setup window (GL> Utilities> System Setup General Ledger> General tab> Fund Balance field). The Create a New Fiscal Year process will not verify that the fund balance accounts are active or set up as a fund balance account types, it will only verify that the fund balance accounts exist in every fund of the current fiscal year. If a fund balance account is not set up in a fund, an information window will open listing all of the funds that do not have a fund balance account.

This process will copy the GL account number, account type, account description, reference number, Account is Project Driven toggle, sub-ledger account, Account is Active toggle, and will give you the option of copying the files attached to the GL account using the Attachment icon   (GL> Maintenance> Chart of Accounts). If you are using multi-bank checking, the banks attached to the general ledger accounts will be copied over to the new fiscal year.

Step by Step

 

1     Open the Create New Fiscal Year window (GL> Utilities> Create New Fiscal Year).

 

2     Complete the Settings section.

  • The Fiscal Year field displays the fiscal year of the chart of accounts that will be created. The system determines this value by adding one year to the current fiscal year. You can view the current fiscal year in the Fiscal Year field in SS> Utilities> System Setup> Fiscal Information section.
  • The Create Only Active Accounts drop-down menu allows you to specify a fund account for all inactive accounts for the new fiscal year.
    • If No is selected in this field, and the new fiscal year is generated, all active and inactive accounts will be created in the new fiscal year.
    • If Yes is selected, only active accounts will be created in the new fiscal year. All inactive accounts will be assigned the go to account specified in the Inactive Accounts Go To field below.
      • The account specified in the Inactive Accounts Go To field must be a fund account and must be set up prior to running the create new fiscal year process.
  • Check the Copy GL Chart Attachments toggle to copy files that have been attached to the GL accounts in the current fiscal year to the new fiscal year.
  • Check the Copy VRI Groups toggle if you would like to create the new fiscal year in all of your existing VRI groups when this process is run.
    • Groups are user-defined collections of GL accounts used in the VRI reporting tool. Groups are created and maintained on the Group Maintenance window (GL> Maintenance> Group). Click here for information on Group Maintenance.

 

3     Create the new fiscal year.

  • Click the Submit button to create the new fiscal year.
  • The system will set up the chart of accounts for the new fiscal year, using the current chart of accounts and the “Go To” information in each account.
  • You can view the progress of the process on the Job Viewer window.
Previous Article GL Copy Accounts
Next Article GL Create Prior Fiscal Year
Still Need Help? Contact Us