FAQ - Fiscal Year Close

If you have more than one company you must close the Fiscal Year for each company.

What accounts are zeroed at the closing of the Fiscal Year end?

From the Company Chart of Accounts,MTD and YTD values for the sales, cost of sales, income, and all the expense accounts. This will be GL numbers 30XXX - 99XXX. Assets, liabilities and retained earnings are not zeroed from the general ledger file.

From the Unit Chart of Accounts, all MTD and YTD values will be zeroed.

From the Land Managment Files, all MYD and YTD values will be zeroed.

From the Unit File, the MTD and YTD production volumes will be zeroed.

No, LTD values are zeroed.

See Zero Fiscal YTD Fields for more info.

Can I print my Unit P & L for the end of the year if I have already zeroed the Unit Chart of Accounts?

No, you must first print your Unit P & L's before zeroing out year to date values for the Unit Chart of Accounts. The life to date values are not zeroed.

When posting beginning balances for the New Year which general ledger accounts are used?

Assets, liabilities and retained earnings are posted from the general ledger file to the Year to Date General Ledger file. The current income (Profit/Loss) is an automatic calculation. These general ledger accounts are posted as balance forward records in the Year to Date General Ledger file. Current income is posted to retained earnings, general ledger number 25300. New income is accrued the next month after closing the period.