Closing the financial year (legacy method)
When the allocations are complete, the year-end process is complete and the general ledger may be closed and rolled over to next financial year.
Choosing NEXT – CLOSE FINANCIAL YEAR will display the Roll General Ledger screen.
Note: The clearing account balances must be zero for the year to roll over. If not the following error message will be displayed. Otherwise users will be asked to confirm that they wish to close the financial year. Note: At this point you can still Cancel and go back to the Actions Menu on the Financial Periods screen and Reset any data you wish to amend. Once you have Rolled the GL, you will have to Reverse New Year to make any changes.
Otherwise Choose OK to continue. Mclowd will then display the Financial Periods screen.