The 14^th period holds the system-generated year-end closing entries for each account. YE closing entries are stored in a separate file then all other transactions for accounts. This allows for us to run a report for an ‘Annual’ figure and have the 12 month total shown (plus 13^th period if used). If these 14^th period transactions were not separated, the ‘Annual’ total for every Rev/Exp type account would be zero. It is not a selectable period in the reporting from-to period range. There is no entry or import to the YE file. These are generated only when physically running the Year End Reset.

Balance sheet accounts do not reset each year but simply roll forward.

Every revenue and expense account gets closed out to start a new year, if the fund setup is checked to clear revenue/expense. The balance that exists at the end of the fiscal year gets reversed out of the individual account and the net of all of the accounts gets posted to each fund’s closing account.

Ex: At the end of 2019, there is a total of $1,267.03 of expenses (debit) in the below staff apparel account. The YE close creates a credit amount to reset the account to zero for 2020. At the end of 2020, the YE close credits the $299.22 balance to start 2021.

The category setup controls what minor accounts are debits and credits. Typically, Revenue accounts will carry a credit balance all year and expense accounts carry a debit balance. The 14^th period will reverse each type accordingly.

The GL account listed on the Fund setup is the account that the rev/exp will close into for each fund.

On any account, you can find a YE batch number by un-checking the Sum year-end entries checkbox.

The batch contains ALL accounts. The net of all accounts’ debits and credits (per fund) gets posted to the fund close account. NOTE – There can be multiple close batches. If entry is made back to a closed year, the YE process is performed for each batch that gets posted.

Financials and Net totals:             (Note - Reports below are NOT true sign)

1. Running a report with all accounts lists the total for all categories. Each Fund nets to zero. The amount shown for the Equity would be the posted amount for years that have been closed.

1. Running a report for Rev/Exp accounts lists the total for only those categories, and a net profit/loss total exists for each fund. NOTE – The amounts for the below categories match the report of all accounts.

1. Running a report for Balance sheet accounts lists the total for only those categories. Each Fund nets to zero. The amount shown for the Equity would be the calculated amount that starts with the posted balance and adds in the current year net profit/loss (sum of the revenue and expense accounts as of the report period).

In this example the fund 01 equity of the full report is 16,633,812.20. For the balance sheet only, the fund 01 equity is 18,242.620.71. (16,633,812.20 + 1,608,808.51)