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 Post subject: Year-End Close Process
PostPosted: Tue Jan 12, 2010 7:14 pm 
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Joined: Thu Jun 18, 2009 11:37 am
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1. Define how each Fund Class will close by assigning a closing G/L Account number and indicating whether you want Navigator to close the Income Statement by dimension.

From the navigation pane, select Financial Management > Setup > General > Fund Classes
Specify a Net Asset Account value for each Fund Class.
Indicate by checkmark those Dimensions to be included in closing the income statement
If you are NOT using the Distributed Close option (defined below) and you have Dimensions setup with a Post Type of Always, you may also specify Dimension Values to be used when posting the Net Asset entries

2. Before closing the fiscal year, make sure you have created the new fiscal year (If not already created).

Click the Create Year button and enter the Starting Date, No. of Periods and Period Length
Click the OK button

3. You must close the accounting periods in the year before you can close the income statement.

From the navigation pane, select Financial Management > General Ledger > Periodic Activities > Fiscal Year > Accounting Periods.
Click the Close Year button and confirm the year to be closed, which places check marks in the "Closed" and "Date Locked" columns
Closed: A check mark in this field indicates the accounting period belongs to a closed fiscal year
Date Locked: A check mark in this field indicates it is not possible to change the starting date for the accounting period.

4. Closing the Fiscal year is the process that creates the journal entries to offset the Income and Expense accounts and post the net difference to Net Assets:

From the navigation pane, select Financial Management > General Ledger > Periodic Activities > Fiscal Year > Close Fiscal Year
On the Fund tab, you may use the filter to selectively close specific funds or you may leave it blank to close for all funds
Select the Options tab and fill in the following fields:
Fiscal Year Ending Date is the last day of the fiscal year being closed
Gen. Journal Template, Gen. Journal Batch, Document No, and Posting Description are standard Navigator fields used to write the closing entry for review before posting
Transaction Type is typically Actual
Distributed Close should be checked if you want Navigator to post the Net Asset entries exactly the way the income statement was closed (i.e. by Fund and specified Dimensions). Leaving this field unchecked will result in posting the entries to Net Assets by Fund only, to include the Dimension Code values specified in Step 1.d. above
Click the OK button
Open the Journal Template and Batch specified in the Close Fiscal Year process to review and post the journal entries

5. You may enter and post entries to the closed period and perform the close process as many times as you like.

All entries posted to a closed accounting period will be flagged as a Prior-Year Entry, which can be viewed using Ctrl-F8 in the General Ledger Entry table
Simply repeat step 4 to close again and Navigator will only suggest closing journal lines for the posted adjusted entries


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