Question: What is the procedure for year-end in Apprise?
Answer: The process to close a general ledger year and open a new year is as follows:
Open a new year in all modules. This process creates forward balances and retained earnings. To open a new year, use General Ledger Year Create, Accounts Payable Year Create, Accounts Receivable Year Create, and Inventory Year Create.
Make the new year your current year in all modules. This manual process changes the default current accounting year. The year changed to must be an open valid year. To change the current year, use General Ledger Year Update, Accounts Payable Year Update, Accounts Receivable Year Update, and Inventory Year Update.
Close the old year. All other modules must be closed before you close the general ledger module's old year. All periods in the year must be closed before you can close the year. Prior years do not have to be closed to close out the year. To close the year, use Accounts Payable Year Close, Accounts Receivable Year Close, Inventory Year Close, and General Ledger Year Close.
NOTE If the old year is left open after a new year is created to make journal entries to finish tying out the year, any changes made that affect retained earnings automatically change in the new year when the changes are posted.
For a diagram of the procedure, see General Ledger Year End Procedure for Closing a Year.
Question: I have just closed out a year successfully. My general ledger trial balance balanced to zero, but my beginning balances for the new year are off. Specifically, the retained earnings account is off by X cents and my reports for the new year are out of balance by X cents. How do I resolve this?
Answer: If year-end processing results in an imbalance in the forward balances, Apprise can run a utility called gleoy3.p that is run for the year that was closed. For example, if the year 2020 was closed and the new year is 2021, the parameters for this utility are: ("","ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ",2020,<ledger-id>). This procedure will correct forward balances and as a result your new year’s reports will display correct totals. If you need to use this utility, send an email to support@apprise.com with an explanation of your year-end situation.