Close Year Function

RELATED LINKS

Custom Roles in TOPS [ONE]

 

DESCRIPTION 

With the end of the year passing by, it's time to close your year. 

Users have the option to able to close a year, make an adjustment and re-close a prior year, and to completely undo the close year function. 

This guide will go over how to perform these tasks, and the GL permissions required for each action. 

 

How to Close a Year 

1. On the navigation pane, click Portfolio then Communities. Select the community you want to work on. 

2. Under Related Links click Accounting Year Dashboard 

3. Click Close Year 

4. Select the Fiscal Year you want to close and click Calculate

This will open the Close Year Summary 

 

 5. Enter a Reference - Quick identifier (Can be a date) 

 

6. Enter a description - Detailed explanation on transaction. 

7. Once you've verified all the information, click Close this Year. 

This will post a Close Year Journal Entry 

 

How to make an adjustment to a prior year and re-close 

1. On the navigation pane, click Portfolio then Communities. Select the community you want to work on. 

2. Under Related Links click Accounting Setup

3. Select the Fiscal Year you want to work in. 

4. Next to Accounting Period, click Edit 

5. Click the Closed button on the period you want to open. It will change the button to Open/ current 

6. Click Ok then Save

This will open your year. Once you make your adjustments.... 

7. Go back to Related Links click Accounting Year Dashboard 

8. Click Close Year  and follow the prompt to re-close the year. 

Make sure to add a reference noting that this is a re-close

9. This will add another close year journal entry. 

 

Undo a Close Year 

1. On the navigation pane, click Portfolio then Communities. Select the community you want to work on. 

2. Under Related Links click Accounting Year Dashboard 

3. Click Undo Close Year 

Years must be undone in “reverse” order. Most recent first. (ex: cannot undo 2016 before undoing 2017)

 

4. Click Undo ___ 

5. Enter a Reason for the undo, then click Yes, Undo 

This will show the deleted close year journal entries, with a comment at the bottom 

You can search the  GL number in the search bar to find the full transaction, and you can also find the transaction in the audit log. 

 

PERMISSIONS REQUIRED 

To get there go to the Roles section in Admin, and select Permissions for the roles you want to edit. 

Read  Allows users to view and access Close Year function, but they cannot close the year or perform any closing year functions. 

Create  Allows users to perform the close year function

Update Undo Close Year reverses closing entries and re-opens the fiscal year transactions.

 

Did you find this article helpful?

0 out of 6 found this helpful