Our fiscal year ended March 31, 2008. We completed all of our year end entries and finally today after day end we ran the "Close Current Fiscal Year Function" according to the Checklist found on Softrak/Technical Tips/Ledger 9.0 Year End Checklist. Everything worked well and all looks good. We now have only "Batch" available in Ledger and "Next Year" is gone.

At what point should we run the "Create Next Fiscal Year" function? Can we do that now so we can set up payables that we know are due in the months next fiscal year or do we wait until after day end on March 31, 2009?

Advise on this would be greatly appreciated.

Thanks,

Hi Susan

Let's assume that the fiscal year ended March 31, 2008 is called FY2008, etc., and that the current year is now FY2009.

Running "Create Next Fiscal Year" should be done at any time after you know for sure that you are done posting adjustments to FY2008 and before you start entering alot of transactions with dates in FY2010. There is no urgency but I would recommend that it be done before March 31, 2009.

Steve

Okay so if I understand correctly, since we've completely finished entering everything for FY2008 and closed it, there is no harm in NOW running the Create Next Fiscal Year function?

Hi Susan,

If you are 100% sure that all of the Year End adjusting entries have been posted to FY2008 (using Steve's example), then it is OK. The Post to Prior Year function is disabled when a Next Year exists.

Once you create the Next Year, you cannot reverse it (short of restoring data from a backup). I recommend doing a data backup before creating the next year.