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. (i.e.: 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.
- To make an entry in the previous fiscal year, create a journal entry and change the date of the entry to 12/31 of the previous year.
- Any entry you do in the previous fiscal year will automatically adjust corresponding balances in the new fiscal year.
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