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TOPIC: Year end close

Year end close #448

  • drich
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Our fiscal year end is 12/31 and instead of doing a temporary close, the period was advanced manually. Can I undo this and do a temporary close or ??? What are the consequences of advancing manually at year end?
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Year end close #459

  • wbailey
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It depends on what you mean by manually moving the periods forward.

If you performed a proper month end / year end close for all of your other accounting modules and printed all of your December reports for G/L then you should be in good shape to fix your problem.

I am presuming that when you say the periods were manually moved that you are talking about the all modules including G/L. Also I am presuming that your retained earnings account in G/L is all screwed up...........

All of the work ahead of you is in the G/L module if you actually performed a proper month end and year end closing for all other modules. If this is true then you should be able to follow these steps to correct your problem:

1. Set the check box in System Manager / Periods to Allow transactions not in the current year to WARN!

2. Move the periods in G/L back to the previous year.

3. Perform a temporary year end close and run all of your reports. Remember that you will have to have all users out of Macola to be able to perform the temporary close. Also, none of the accumilators for the previous year will actually clear during the temporary close so your current retain earnings account will still be messed up.

4. After performing the temporary close and checking all of your reports for accuracy, if all is OK then you should simply perform the actual year end closing. Again you will have to have all users logged out of Macola to perform the actual year end closing. Be sure to check the box for clearing the accumilators!!!!!!!!!

5. Now you should be able to move the G/L periods forward to the current year and set Allow transactions not in the current year to PREVENT! in System Manager / Periods.

Hope this helps,
Wayne Bailey
Plant Engineer/Administrator
Reno Refractories, Inc.
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Year end close #462

  • dgillz
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The temporary YE close does 4 things:

1) Writes values to the comparative file based on the numbers in all the accounts as of the date the temporary close is performed.

2) Rolls ONLY the G/L system period file ahead by one year. This process does NOT impact month/day settings per period; it only advances the year for each period by 1.

3)Recalculates the G/L account balances so they are properly reflected in the period balance file for the current fiscal year

4) Sets a flag in the GL system period file that only the program sees, indicating a temporary close has been done

There is no requirement to perform a temporary YE close, you can go straight to a final YE close if desired. The short answer to your question is to set the periods back and run the temp YE close, and you should be fine.

The document you should look at regarding this is 00.880.000, which also references other important documents. If you are struggling with this you need to work with your Macola business partner or Exact regional office.

Also, no offense to Wayne, but his post refers to a lot of things that are not affected by either a temp or YE close (accumulators), things that are irrelevant (other module's ME or YE status) and just flat out innaccuracies (ex: the Temp YE close advanced the GL system periods file FOR YOU).
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Year end close #463

  • wbailey
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The bottom line is, the problem that they had was not un-correctable and can be fixed so that they maintain accounting accuracy as they move forward into 2006.

I appologize for adding steps that were not necessary and the inaccuracy of some of my statements i.e. all the stuff about accumilators. I guess I was thinking about individual module year end closing stuff. Anyway, I think we worked as a team to resolve the issue.

Have a nice day........... 8)
Wayne Bailey
Plant Engineer/Administrator
Reno Refractories, Inc.
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