Creating the next general ledger year

You create next year's general ledger when you are ready to either enter:

budgets

general ledger postings for the year.

Before creating next year's general ledger you can inactivate unneeded general ledger accounts. Unneeded general ledger accounts are not carried over to the next G/L year.

Note: Synergetic lets you work with two years of data. For example, if you create 2014, you can work in 2013 and 2014.

Creating a general ledger year closes off another. For example, 2012 is closed and general ledger journals can no longer be posted to it.

After creating the next year's general ledger:

You can continue to post to the current year.

Postings to the current year are also posted to next year as well, including P&L accounts. These are posted to the profit and loss Appropriation account in the next year.

You can run financial reports for next year as well as this year.

To open the Create Next General Ledger Year window:

Select Module > General Ledger > Create Next Year General Ledger from the main menu.
The Create Next General Ledger Year window is displayed.

Inactivating general ledger accounts

To inactivate general ledger accounts that are not required in next year's general ledger:

Search for the general ledger account to inactivate. See Searching for general ledger accounts in the General ledger manual.

The General tab of General Ledger Maintenance is displayed.

General Ledger Maintenance - General tab (cut down)

Click

The Update G/L Account Active Status window is displayed.

Update G/L Account Active Status window

Click

The general ledger account is set to inactive, as indicated next to the account name.

General Ledger Maintenance - General tab (cut down)

Tip: You can activate the account later by clicking . Use the Update G/L Account Active Status window to activate the account for the next year and prior years as well, if required.
Update GL Account Active Status window

Repeat steps 1 through 3 for each account that you need to inactivate.

Creating next year's general ledger

To create next year's general ledger:

Open the Create Next General Ledger Year window.

Create Next Year General Ledger window (embedded) n.b. publishing stops at this graphic otherwise

Update any optional selections.

Click

to confirm you want to proceed.

All active general ledger accounts are transferred over to the next year.

Update the G/L Reporting End Date on the General tab of Finance Configuration Maintenance. See Synergetic Financial Configuration - General tab in the Finance manual.

Important note: Only change this if you have finished running financial reports in the existing period and want to move to a new reporting period. See Closing off periods in the General ledger manual.

Create Next General Ledger Year window key fields

Field	Description
Set as Default G/L Year	Select to set the next year as the default general ledger year. Otherwise, the current year is retained as the default general year. You can also change the default year on the General tab of Synergetic Financial Configuration. See Synergetic Financial Configuration - General tab in the Finance manual.
Transfer G/L Budget Amounts	Select to transfer the general ledger budget amounts from the current year to the next year.

Field

Description

Set as Default G/L Year

Select to set the next year as the default general ledger year.

Otherwise, the current year is retained as the default general year. You can also change the default year on the General tab of Synergetic Financial Configuration. See Synergetic Financial Configuration - General tab in the Finance manual.

Transfer G/L Budget Amounts

Select to transfer the general ledger budget amounts from the current year to the next year.

Last modified: 23/01/2013 11:08:25 AM