Starting a New Fiscal Year in TOPS [ONE]

Description 

Setting up a new Fiscal year and budget has been made easy with TOPS [ONE] Accounting Year Setup Wizard. 

This guide will give you step by step instructions on how to set up a new fiscal year, new accounting periods, budgets, and codes for the new year. 

 

Check out these free resources for some more information! 

8 Easy Steps to Prepare Budgets for your Community Association

Download a Sample Community Budget Template

Your Guide to Surviving Budget Season

 

 

Step By Step

1. Click Portfolio then Communities. Select a community 

2. Scroll to Related Links, and select Accounting Year Dashboard

 

3. Select Set Up New Year

 

4. This will open the Accounting Year Setup Wizard, click Get Started.

 

5. Enter the information requested in the Accounting Year Setup

The Wizard will display the communities current settings from the previous year. 

Fiscal Year Select the Fiscal year label 
If your community is not based off calendar year, use the correct label with the two years that the fiscal year encompasses 

Start Date - Start date for your new year 

Period Frequency 

Monthly 

Quarterly 

Accounting Method

Accrual 

Cash

Modified Accrual

 

6. Click Next

 

7. Add your Accounting Periods 

If the monthly period frequency was selected, there will be 12 accounting periods. 
If quaterly was selected, there will be accounting periods. 

To edit the dates, manually type in the date, or click the calendar icon. 

 

8. Click Next 

 

9. Enter the budgets for the new year. (optional)
To skip and enter later, click next.

Option A) Copy Budgets Copies the previous years budget to the same accounts. 
To alter the amount by a percent enable the toggle and enter the amount to change the budget by. 

 Option B) Use New Values - Manually enter new budgets per account. 

1. Click Use New Values
2. Enter the budget amount next to the account. 
3. (Optional) To distribute the amount evenly across the accounting periods, click Distribute.

 

10. Verify the Assessment & Special Assessment amounts. 

To edit, click the pencil icon, enter the new amount, then click the checkmark. 

If an Assessment has multiple Code categories,  you can click the down arrow to minimize that assessment. 

 

11. click 

 

12. TOPS [ONE] Can assign as Reminder task to a user to finish closing the previous period. 

Select a date for your reminder 

Assign a user the task 

 

13. Click Finish 

 

Did you find this article helpful?

0 out of 1 found this helpful