We installed version 9 last year but we never got around to importing/retrieving the prior year data.

We've just finished closing our fiscal year and have created the new 2008 year. When I go into the new fiscal year (2008) and go into print detail listing, for fiscal period 2007,it looks like I'm getting the prior year's data per period; however it's being consolidated within each month. The description field simply says 'consolidated'.

I have not retrieved prior year data yet.

I wasn't clear on whether the data was automatically imported to the new year when I closed the year or if I actually have to perform the import/retrieve prior year data in order to see the detailed line items and descriptions.

Also, we haven't installed the version 9.0A upgrade. Should I do that before I proceed?

Thanks,
Lulu

Hi Lulu,

Did you run the Consolidate Posted Transactions function in Ledger? This is a way that transactions would get consolidated. Or are your accounts set to post to consoliated or detail? Or do you consolidate your sub-ledger transactions before retrieving them into Ledger? My guess is that your 2007 amounts were consolidated to fiscal period in some manner above.

If you had Adagio Ledger 9.0 active when you did your year end from 2007 to 2008, there is no need to retrieve 2007 into your data as it is already there. The Retrieve Prior Year Data function is meant to bring in fiscal years that you don't have (2006, 2005, etc).

If you closed your year 2007 using the older Adagio Ledger 8.1A, then indeed you would have to Retrieve Prior Year Data to get 2007 in (after installing Ledger 90A). But I don't believe that this is your situation.

It would be valuable to have the most recent service pack for Adagio Ledger 9.0, though not having it should not prevent you from doing important things. There is one more coming soon, for a few Financial reporter changes and a couple of other fixes.

Our accounts are set to post to detail. Yes we did run the consolidate posted transactions function. In version 8 it's our understanding that you could not 'close the year' without running this function. Is this no longer required? Is there something else that needs to take its place or do we simply skip that step in order to retain the detail in the GL?

As we have already run this function; what are our options at this time? Is there a way to undo this without restoring from a backup etc. or is restoring the lesser of the two evils?

I have an additional question regarding restoring archived batches. Here goes:

I archived several 2008 batches in order to create the new year etc. I just now went to restore the first batch. (Yes, I am in the 2008 database) It copied with no problems; however, when I entered the batch via edit batch, the FP remains 12 (which is what it originally was). I drill down to edit that particular entry and go to change the fiscal period and it gives me 2007 dates, as opposed to 2008. However, when I edit the actual line, the new window opens and it shows a date of 1/31/08.

How can I get the FP to be 1/31/08 as opposed to 1/31/07 etc.?

Do I have to go into each and every line item to make this change or can I make a mass change for each batch?

Thanks for your help!
Lulu

Hi Lulu,

There has never been a requirement to run the Consolidated Posted Transactions function in order to close a year. Perhaps that is an internal requirement for your company, but it is not a requirement with the software.

Once transactions have been consolidated, they cannot be undone, short of restoring the data prior to running the function.

From your other forum posting, I believe you have not actually closed your current year yet, though you may have closed out your income statement accounts to retained earnings. You still need to run the Close Current Fiscal Year function from the maintenance menu in order to move the current fiscal year forward. This function is identical to the 'Change Fiscal Year' function in earlier versions of Adagio Ledger - it was simply renamed to hopefully cause less confusion with the changes made to the year end process.

With Adagio Ledger 9.0A, there is no longer a requirement to archive batches before running year end. They now will typically be kept in the new Next Year batches function, and in fact can be posted to your Next fiscal year before you officially close your current fiscal year. If you are restoring archive batches, it is likely giving 2007 dates as you haven't yet closed 2007 (from above). Make sure that none of these archived batches actually should be posted to 2007 before you close your year.

Ok, that clears things up.

Do you have an updated checklist that you can send me of the required/recommended steps to close the fiscal year in the latest version (9.0A)? This would be useful due to the subtle name changes.

Thanks for your help!

Lulu

Actually, this doesn't clear things up. Our notes did show that we need to run 'Close Current Fiscal Year' function however that is not an option in the Maintenance window in the 2007 database. I noticed today that this is only an option in the 2008 database. Does that make sense?

Please clarify:

Prior to installing version 9 we were told to perform ALL close year end functions in the database year that we were closing.

Has that changed?

Do you have a listing of what should be done to close the year for the new version? (I.E. do we need to create the new year now before closing the old year?) I'm just a little confused.

Thanks,
Lulu

Hi Lulu,

The Close Current Fiscal Year function is hidden until the 'Create Next Fiscal Year' function has been run. This means you cannot close a year until the next year is created. This would explain why your 2007 does not show the function (as 2008 had not yet been created), but the 2008 data shows this.

We do have a checklist that we plan on putting up in our Tech Tips, but this hasn't happened yet. Essentially, the sequence of running functions are as they are listed on the Maintenance screen:
Create next year budgets (optional)
Create next fiscal year
Close income/expense accounts
Close current fiscal year

Okay. So just to verify, all four of the steps that you just identified are to be done in the 12/31/07 database year, the year that we will be closing, ( as opposed to the 2008 database). Is that correct?

Thanks!
Lulu

You should only have one database if you are using Ledger 9.0A. Anything else is just a backup.

Hi Lulu

I think your confusion stems from the fact that you are trying to follow a checklist that is now totally obsolete. The old way of doing year end is not applicable. No more consolidating transactions, no more copying the pre-close data to a new directory.

The new way of doing year end is much more flexible, but there is a small learning curve.

I think once you grasp the new way, it will all make sense.

Please re-read the comments above without focusing on the way "it used to be".

Steve