RIMAS NT/P Software
To: All Users of RIMAS NT/P for Windows
From: The SHARED LOGIC Group, Inc.
Re: Closing Out a Fiscal Year
Date: January 2, 2009
Only follow this procedure if you are ready to begin POSTING to G/L for your new Fiscal Year. It is not necessary to run this procedure if all you are doing is ENTERING data into the new Fiscal Year.
Before
proceeding with year-end closing make sure that all information in all modules
is correct and that you have followed the normal period end procedures for each
module. Before working with the Open
Audit Period program, make sure that the G/L period in the System Manager
Company Maintenance is the last period of your fiscal year.
1. In G/L run Open Audit Period. This program will open the Audit Period, transfer closing balances from the current year to beginning balances of the new year and set the default periods on the Company Master record to yyyy/01.
2. Enter and post data to the new year as normal.
3. Enter and post data to the prior year and Journal Entries to the Audit Period.
NOTES: To post entries to the Audit Period use yyyy/A (i.e.
2008/A) for
the Period field.
After
all transactions have been posted to the prior year and audit period, then you
are ready to work with the Close Audit Period program.
4. In G/L run Close Audit Period.
This program will close the Audit Period, transfer closing balances from
the prior year to beginning balances of the current year and post the Net
Income of the prior year to the Retained Earnings account if entered. If there is more than one Retained Earnings
account you must manually maintain the beginning balance of these accounts.
A. In G/L run Chart of
Accounts Maintenance
B. Bring up each
Retained Earnings account and maintain the beginning balance field of the new
year record on the Detail tab.
C. Print a current Trial
Balance to make sure you are in balance.
NOTE: The G/L Open Audit Period and G/L Close Audit Period programs
were modified on 11/9/2007.