Step 3: Begin a New Year
Click Settings on the top menu bar.
Select Begin New Year.
- Click Yes to confirm.
- Once the new year is finished being created, the system will exit.
- Restart FAS (it will open in the next fiscal year).
- Run the Trial Balance Report as of the first day of the New Year.
- Run the General Journal Report (Budget and Regular Entries); select the option Closeout Transactions for the Fiscal Year Just Finished. (ie: select the year that just closed from the drop-down menu.)
IMPORTANT NOTES: Previous Fiscal Year
- Verify that your New Year was updated correctly before altering the previous fiscal year.
- Do work in the previous fiscal year by Setting the Default Date to the last day of the previous year.
- Try not to jump back and forth between years in the same session on FAS.
- If you want to switch years, exit the program and restart.
- Any entry you do in the previous fiscal year will automatically adjust corresponding balances in the new fiscal year.
Available Features to edit or add in the Previous Fiscal Year:
- Receipts Entries
- General Journal Entries
- Disbursements Entries (Check number needed)
- Budget Adjustments
- All entries done in the previous fiscal year will be dated December 31.
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