The Fiscal Year is set when the program is initially installed. It is important that the year is set properly before any transactions are made since it is difficult to change. If the fiscal year needs to be changed after the system has been used, it is recommended that you contact an EBMS representative for assistance. Most businesses' fiscal year, with the exception of those who are incorporated, is the same as the calendar year where the first month of the year is January. If your fiscal year starts in any other month, be certain that this window reflects the proper month order of your year.
This window contains a pair of check boxes for each fiscal month with a year heading above each column. The check mark in the switch box indicates that the month has been closed and that no additional transactions can be posted with a date in that given month.
To open the following window, go to General Ledger > Fiscal Year Controls:
The Close Month utility should be run before final month-end reports are generated for management or accountants. This process is normally done a month or two after the last day of the given month. Review the Closing a Month section for more details and instructions.
All months should be closed before reports are generated and submitted for end-of-year tax preparation and filing.
Review the Maintenance Utility section for more details on the Utilities button.
The Close Year utility should be run after the final adjustments are made to general ledger, which is normally accomplished at the time the tax return is completed. Review the Closing a Year section for more details and instructions.
The New Year utility should be activated during the last month of the current year to prepare EBMS to process transactions with dates within the New Year. Review the Opening a New Year section for more details and instructions.
NOTE: If the recommendations listed above are properly scheduled, the user is not required to initiate any specific processes or utilities that must be completed between the last day of the fiscal year and the first day of the new year.