2.____ Press F9 to access the existing last year files. Verify
that all entries for the last year have been posted. (All entries
must be posted in the last year, because once you use the Create
Last Year function for the current fiscal year, you will no longer
be able to post transactions in the existing last year).
3.____ Backup data files.
4.____ Select Create Last-Year Data function to create the copies
of the GL Journal, Master, and Master Key files used for year-end
adjustments.
5.____ Use F9 to switch between the current and the last-year
data files. Make journal entries for current-year activity or
adjusting entries for last-year activity. Multiple fiscal year files
may exist for General Ledger, but journal entries can only be
entered in the fiscal years with a current or last year status. You
can post transactions from subsidiary applications to either the
current- or the last-year General Ledger files.
6.____ Backup data files.
7.____ Select Post to Master to update your account balances.
8.____ Print financial statements for the fiscal periods
adjusting entries were posted to.
9.____ Select the Update Current Year function to update the
beginning balances of your balance sheet accounts in the current
year with the adjusting entry information for last-year. Adjusting
entries posted to income statement accounts update the beginning
balance of the retained earnings account specified on the Update
Current Year selection screen.
10.___ Repeat steps 5-9 until you have entered all your adjusting
entries for the last fiscal year.
11.___ Print the Chart of Accounts List and select YES to include
clear-to and consolidate information. Verify that the income
statement accounts have the correct Clear To Account and a Step
other than 0. Select GL Accounts to edit account setup information.
12.___ Backup data files.
13.___ After all adjustments have been entered, written and
posted to master in the last year, select the Clear and Close Last
Year function to create the journal entries required to clear the
income statement account balances to retained earnings.
14.___ Print the general journal for the source code CL and
unposted journal entries to review the closing entries.
15.___ Select the Post to Master function to update the account
balances with the journal entries created by the Clear and Close
Last Year function.
16.___ Print the Trial Balance to verify income and expense
account balances are zero.
17.___ Select Update Current Year to update the current-year
Master file with the final balances for the last fiscal year.
