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 inactivate unneeded general ledger accounts. Unneeded general ledger accounts are not carried over to the next G/L year.

Note: Synergetic lets you work with two years of data. For example, if you create 2017, you can work in 2016 and 2017. Creating a general ledger year closes off another. For example, 2015 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 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