You create next year's general ledger when you are ready to either enter:
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Before creating next year's general ledger you can inactivate set general ledger accounts codes that are not required . Unneeded general ledger accounts are not to inactive. General Ledger codes set to inactive will not be carried over to the next G/L year.
Note: Synergetic lets you work with two years of data. For example, if when you create 2019, you can work in 2018 and 2019.Creating a general ledger year closes off another. For example, By creating 2019 the old prior year 2017 is closed and general ledger journals can no longer be posted to it.
After creating the next year's general ledger:
- You can continue to post to the current year.
- Postings For balance sheet accounts postings to the current year are also posted to next year as well, including P&L accounts. These are posted to the profit and loss Appropriation account in the next year.
- You can run financial reports for next year as well as this year.
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To open the Create Next General Ledger Year window:
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Create Next General Ledger Year window key fields
Field | Description |
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Set as Default G/L Year | Select to set the next year as the default general ledger year. |
Transfer G/L Budget Amounts | Select to transfer the general ledger budget amounts from the current year to the next year. |
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