About the Multi-FSB Year-End Closing Process

The Multi-FSB Year-End Closing Journal Entries form generates multi-FSB fiscal year-end journal transactions to close out all revenue and expense accounts into an income summary account. A journal transaction that shows the net income, or sum of all year-end transactions, is also created. The transactions are generated to the journal only and not posted to the ledger. The transactions may be further modified and must be posted to complete the year-end procedures.

Generally you perform the multi-FSB year-end closing at the end of the company's FSB fiscal year, but it can be performed at any time by specifying the fiscal start and end date without regard to the defined accounting periods. The fiscal calendar and subsequent periods are defined on the Multi-FSB Accounting Periods form.

Before running the multi-FSB year-end closing function, you should verify that all outstanding journal transactions for the fiscal calendar are entered and posted to the ledger. This function generates journal transactions that set all revenue and expense account balances to zero. If all journal transactions are not posted to the ledger, the transactions created may not actually set all revenue and expense account balances to zero.

Only one user at a time can have the ledger open. Therefore, if someone is running a financial report or performing year-end closing, this function cannot be performed until the original process is complete.