Fiscal Year End Close

The fiscal year end DOES NOT have to be closed prior to entering transactions in the new year. AccuBuild recommends that you keep the fiscal year open until all of your CPA's adjusting entries have been entered into the system so that you can print new reports.

	Close the Fiscal Year
	Re-Open the Fiscal Year

AccuBuild has a series of integrity tests that can be performed on all master files and detail transaction files in the system to see if any errors exist or if any of the files have become corrupt. The integrity tests can be manually performed by accessing the Integrity Tests options in each module. These tests are also performed automatically during the year end closeout process but it is highly recommended that these tests be performed prior to performing your account reconciliations.

In each module, select Integrity Tests > All Test. Click OK to start the process. If integrity test errors are found, contact the AccuBuild Support Team for assistance in clearing the errors.

2.	If no integrity test errors are found, then go to File > System Administrator > Configuration > Accounting Tab. If you have not closed the individual months during the fiscal year, then you can manually update the system to close the fiscal year.

First, note the Fiscal Year End date. NEVER MANUALLY CHANGE THE FISCAL YEAR END DATE IN AN ATTEMPT TO ROLL THE YEAR. If your fiscal year end date is December 31, then the system cutoff date must be set to December 1. The payroll cutoff date may be set to January 1 of the new calendar year.

If your fiscal year end is in any month other than December, then you will need to change both the system cutoff and the payroll cutoff dates to the same month as the fiscal year end. See the table below for examples. Note: Although the payroll cutoff date must be in the new calendar year in order to print payroll checks, the payroll cutoff date must be temporarily changed back to the prior year so that the fiscal year end procedure can be completed. (This step is not necessary if your year end is December 31.) Once the year end close is completed, the payroll cutoff date must then be manually updated to January 1 of the new calendar year so that the payroll checks can continue to be processed. Be sure to perform the Payroll > Integrity Tests > Update Employee Totals option to ensure that the year-to-date earnings are correct.

Fiscal Year End Date	System Cutoff Date	Payroll Cutoff Date
12/31/2011	12/01/2011	01/01/2012
11/30/2011	11/01/2011	11/01/2011
10/31/2011	10/01/2011	10/01/2011
09/30/2011	09/01/2011	09/01/2011

It is recommended that you print and save the reports that you have used during your monthly and year end reconciliation. Note: All reports in AccuBuild can be exported to PDF format for archiving. Using the reconciliation worksheet as your guide, keep reports such as the Trial Balance, Jobs in Progress, Completed Contracts, Contract Status Worksheet, Financial Statements, Aging Schedules, etc. to use as your supporting documents. Each company's reporting needs will vary so be sure to familiarize yourself with each report in each module to determine which reports meet your specific needs. Keep in mind that reports that prompt for a cutoff month only (ie. August), rather than a specific date range (ie. 08/01/2000), are only available in the current fiscal year. These reports should be printed and saved before you close the fiscal year end.

The fiscal year end close is performed through the File > System Administrator > Month End menu option. AccuBuild will compare the System Cutoff date to the Fiscal Year End date, and if the system cutoff date is in the same month as the fiscal year end date, then the system will close the fiscal year end.

As noted in step 1 of this outline, the system will perform the integrity tests during the year end closeout process. The system will perform a series of integrity tests and will notify you if any errors exist. Please contact the AccuBuild Support Team to assist you with correcting any errors.

e. calculate prior year balances for the job cost module. These calculations may take some time depending on the amount of data that is in your company tables so please be patient and let the program finish the calculations. Do not end the task even if the program says it is not responding. Ending the program during the

The program will complete the year end process by updating the system configuration dates with the new accounting period dates. For example, if fiscal year end November 30, 2011 is closed, the fiscal year end date will be changed to November 30, 2012 and the system and payroll cutoff dates will be changed to 12/01/2011. In this scenario, the payroll date would need to be manually changed to 01/01/2012 so that payroll checks can continue to be processed in the new year. See Step 2 above.

Once the fiscal year end has been closed, print a new trial balance to verify that the beginning balances in the general ledger are accurate. Remember, all income statement accounts will have a beginning balance of zero and the prior year's profit and loss will be included in the retained earnings beginning balance.

10.

This is now a good time to change the Job type on any job that was completed in the prior fiscal year from 'Contract' to 'Other'. This will prevent the job from appearing on the Completed Jobs Schedule in the new fiscal year unless the 'Other' type jobs are included in the report. The Job Type field is located on the Job Cost > Update Jobs > Contract Status Tab.

11.

As an option, you can set up a new company in AccuBuild to hold a copy of your data as it appeared before the fiscal year was closed. Simply restore the backup of the data that was made in Step 7 of this outline into the new company. You can then print any report for that fiscal year from that company. Note: You may want to limit user access to this company so that data is not accidentally added to this file.

Once a fiscal year is closed in AB, it is not recommended that you re-open that fiscal year for the most part. If you need to be able to re-print job cost reports for a specific period in the closed year, then we suggest setting up a separate company to hold a copy of that data as it looked before the fiscal year was closed. User access to this backup company would be limited to a user with System Admin access and would be used for printing reports only; no data entry.

If you have inadvertently closed a fiscal year and need to re-open it, then there are two options. Please consider the pros and cons of each option before proceeding.

Option 1. Restore data using the FY*.zip file that was created during the year end close. This option is only intended to be used if the error in closing the fiscal year is immediately known right after the close. Any new data that has been entered after the close will be lost of data is restored into the same company file.

•Backup your current company data before restoring the data. (File > Backup Data)

•Restore data using the FY*.zip file. (File > Restore Data). In the Restore Data screen, choose the appropriate FY*.zip file. It's easiest to review the modified data of the file in order to make your selection. Any data that had been entered into the system after closing the year would be lost and would need to be entered again.

•Re-enter any data that may have been entered after the fiscal year had been closed.

Option 2. This option can be used if there has been data entered into the company after the year has been closed.

•Manually change the Fiscal Year End date back to (ie. 12-31-16) and change the System cutoff date to the first day of the last month of your fiscal year (ie. 12-01-16).

•Go to the Chart of Accounts and EDIT each balance sheet account and manually update the Prior Years Balance field with the prior fiscal year balance.

•Go to the Ledger > Integrity Tests. Perform the Update GL Master Totals option.

•Print a new trial balance as of the end of your current fiscal year to review the balances for accuracy.