Closing the year
You close the fiscal year to zero year-to-date (YTD) totals for income and expense accounts.
The steps required to close the year depend on whether Automatic Close Year is enabled. The Automatic Close Year feature closes the fiscal year when you close the year’s final month. It applies to all properties that use the same chart of accounts. Your system administrator can enable Automatic Close Year in Voyager 7S.
If Automatic Close Year is not enabled, you close the last month of the year and then close the year.
For information about closing the month, see Close/Open Month.
For information about closing the year, see Close Year.
Transferring account balances
You use the Post Transfer feature to move earnings for the closed year to the prior-period retained-earnings account. For general information about the feature, see Post Transfer.
To transfer earnings to the prior-period retained-earnings account
Go to Accounting > G/L > Journals > Post Transfer. The Post Transfer screen appears.
Complete the filter:
From Account: Typically, the account specified in the Current Retained Earnings field on the Essential Accounts tab of the Voyager 7 Accounts & Options screen.
Percent: 100 is typical.
Type: % of Year-To-Date
Base Month: Final month of the prior fiscal year (mm/yyyy).
To Account: Typically, the Prior Period Retained Earnings account.
Journal Date: Post date for the transaction.
Journal Post Month: Month that the journal entries created by the transfer affect the general ledger—typically the first month of the new fiscal year.
Journal Notes: Appears in the Notes field of the journal entry.
Book: Cash, Accrual, or Both.
Create Batch As: Unposted (creates a batch for later posting rather than posting directly to the ledger).
Transfer Segments: If you are using segments and want segmented entries in the destination account, select Yes. Otherwise, select No.
Click Submit. Voyager creates one journal entry for each specified property with a non-zero Current Period Earnings balance and displays a screen showing transfer information.
Click the batch number at the lower left of the screen. The Journal Batch screen for the batch appears.
Review the batch data.
When you are satisfied that the batch data is accurate. Click the Post button at the top right. For more information about posting a journal batch, see Find Journal Batch.