This page contains important information regarding the proper closing of the Financial Management and Real Estate accounting fiscal year for your company. The fiscal year does not necessarily coincide with the calendar year and is determined by the yearly accounting cycle the company's corporate tax return is based. To determine the fiscal year your company is operating under within UDS, click on the "Current Year" tab in option 1815. The fiscal year will be shown by period 1 - 12. If the company is operating on a calendar fiscal year, then the first period would reflect 01/01/year to 01/31/year and the last period would reflect 12/01/year to 12/31/year. If the company is running on a non-calendar fiscal year, then the first period would reflect the first month of the fiscal year and the last period would reflect the last month of the fiscal year.
To determine if you need to process the fiscal year end, click on the "Future Year" tab. If the last period (12) shown does not include the current month you wish to process, then the fiscal year shown under the "Current Year" tab must be closed. For example, if you wish to process January 2012 information but the last period reflects 12/01/2011 to 12/31/2011 then you would need to process the fiscal year end clear for year 2010 (as shown on the "Current Year" tab). Please keep in mind that once the fiscal year end has been processed:
Accounting transactions are no longer allowed for the year being closed. Make sure all adjustment entries received from your company's tax accountant have been entered and updated.
No financial statements or accounting reports (i.e. general ledger, check & deposit register, etc.) for the year can be generated. Make sure you have reproduced any reports that may have changed due to year end adjusting entries.
To close the fiscal year and for additional information, refer to the topic Closing the Fiscal Year For Financial Management & Real Estate