Closing the Current Year

TOPS [ONE] Version 5.1.0.2

 

Description 

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. 

 

In this article:

Close a Year

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

Undo a Close Year

Permissions Required

 

 

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

 

5. This will open the Close Year Summary 

 

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

6. Enter a description - Detailed explanation on the 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 to make the prior year adjustments to. 

Because this is a closed year, all accounting periods will be closed. 

 

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 Set as Current/Open

 

6. Click Ok 

7. Click Save

 

This will open the year/accounting period. 

Make the necessary changes to the community. 

 

Once all work has been completed in the prior year, reclose the year. 

 

7. Go back to Related Links click Accounting Year Dashboard 

8. Click Close Year

9. Select the Fiscal Year to close, click Calculate.

 

10. Fill out the Closing Journal Entry Details 

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

 

11. Click Close this Year. 

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.

 

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