Creating the next general ledger year (Next Year Process)

You create next year's general ledger when you are ready to either enter:

• Budgets
• General ledger postings for the new year.
• Billing/Charges for the new year

Before creating next year's general ledger you can set general ledger codes that are not required 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, when you create 2019, you can work in 2018 and 2019. 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.
• 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.

Inactivating general ledger accounts
Also see General Ledger Maintenance - General tab in the General ledger manual.

To inactivate general ledger accounts that are not required in next year's general ledger:

1. Search for the general ledger account to inactivate. See Searching for general ledger accounts in the General ledger manual.
   The General tab of General Ledger Maintenance is displayed.
   
   
   
2. Click .
   The Update G/L Account Active Status window is displayed.
   
   
3. Click .
   The general ledger account is set to inactive, as indicated next to the account name.
   
   
   Tip: You can activate the account later by clicking . Use the Update G/L Account Active Status window to activate the account for the next year and prior years as well, if required.
   
   
   
   
4. Repeat steps 1 through 3 for each account that you need to inactivate.

Creating next year's general ledger
To create next year's general ledger:

1. Open the Create Next General Ledger Year window.
   
2. Update any optional selections.
3. Click .
4. Click  to confirm you want to proceed.
   All active general ledger accounts are transferred over to the next year.
5. Update the G/L Reporting End Date on the General tab of Finance Configuration Maintenance. See Synergetic Financial Configuration - General tab in the Finance manual.
   
   Important note: Only change this if you have finished running financial reports in the existing period and want to move to a new reporting period. See Closing off periods in the General ledger manual.

Create Next General Ledger Year window key fields