1. In VLP you have the ability to have two general ledger years
open at one time. If you have two years open and you wish to
create a new year, you must close the earliest year.
From the general ledger main menu, select controls.
PLEASE NOTE: Make sure that your accountant has given you all
the needed journal entries for the year that you are about to
close, as once closed the year CANNOT be reopened.
2. In controls you should not have any X's as they represent
unposted transactions. Post any unposted months.
Highlight the first month in your fiscal year and the close
month button will be enabled. Click on close month.
Continue this process for each month in the year.
When you close the final month of your fiscal year, the close
year button will be enabled. Click close year.
3. You may wish to review your Master Chart of Accounts and make
any accounts (other than balance sheet accounts, ie: 100000
to 300000)inactive so they will not be created in your new
general ledger year. To make an account inactive, from the MCOA
select the account, click on edit and enter the inactive date
and reason. You will want to use a date in the year prior to
the new year that you are creating.
4. You will create the new year in the MCOA.
5. Select the create year button at the bottom left.
6. The system will complete this screen for you based on your
fiscal year being the Calendar year. Accrual is the supported
type. Change the begin period if not the calendar year. The
system requires the retained earnings account. Click on OK.
The system will now create an active chart of accounts ACOA
for the year.
8. All balance sheet ending balances from the prior year will be
brought forward as the opening balances for your new year. All
other accounts begin at 0.00.
Profit/Loss is moved into retained earnings.
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