Prepare for the Year End Close

As you prepare for the year end close, you may want to perform a number of tasks. This includes, but is not limited to, the following general tasks: 

• Identify Prior Year End Closeouts. When you view accounting periods for an entity/accounting basis, you can validate that you processed past year end dates and identify the upcoming year end date. Use the List Accounting Periods panel to ensure all year end dates prior to the current year end are closed. When you review accounting period results for a specified entity and date range, determine if the entity/basis shows a value of Y for the ledger period year end y/n column and a value of Y for the account balance closeout flag column. For details, see Manage Accounting Periods.

• Review Monthly Closes. Eagle Accounting recommends closing accounting periods after month end reconciliation is complete. This prevents transactions from modifying a previously reconciled period for accounting and performance purposes. You can ensure that the accounting periods up to and including the year end date are closed using the List Accounting Periods panel. You cannot process multiple year end dates in a single step. When you review accounting period results for a specified entity and date range, review past periods to determine if the entity/basis shows a value of Y for the transaction close column and a value of Y for the valuation close column. For details, see Manage Accounting Periods.

• Set Up Business Calendars. If you use business calendars, ensure you set up all business calendars correctly for at least until beyond the next year end date. In the Query Calendar Dates panel, you can confirm that business calendar dates exist through next year. For more information, see Manage Business Calendars.

• Set Up Ledger Transfer Profile. Validate that your ledger transfer profile is up to date and reflects any custom ledger accounts you added during the year. Ensure that all appropriate accounts are included in the ranges that feed into the target accounts. For more information, see Manage Ledger Transfer Profiles.

• Review Accounting Basis Related Information. If you use IFRS/Other accounting bases, consider the reserves and impairments to comply with the appropriate accounting standards. 

• Run Year End Processing. Run the year end closeout manually and/or using schedules. To process closing entries manually, see Post Year End Closeout Entries.

• Post Year End. After year end processing, validate that the Income Statement rolls and that the offset accounts balance. Review the trial balances. 

• Make Adjustments. You can post approved year end adjustments after the year end close. You can capture data in the period for the year end close. Posting entries with an appropriate as of date results in automatically updating the trial balances without the need to open the periods or rerun the year end closeout process. You can also cancel year end closeout entries, can perform and cancel a year end reclass adjustment, and can modify a fund's year end date.