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General Ledger Year End Closing Entries *Agencies not using the Eclipse General Ledger may disregard the Closing Entries process.

Please read thru the following steps carefully before starting this process.

The following steps need to be completed AFTER your new fiscal year arrives.

These steps should NOT be completed before the last day of your current fiscal year.

1.__ Enter Year End General Ledger Transactions

If a Lockout Date was entered under Agency Specifications, this will have to be removed to enter in year end adjustments.

Enter and post any adjusting month-end/year end transactions such as: Rent, Depreciation, Salaries, Profit and Loss transfers, Draw transfers, etc.

Entries cannot be backdated prior to the Balance Forward Date on a General Ledger account.

Do not manually enter the closing entries for income and expense accounts. Eclipse automatically closes income and expense accounts in the following steps.

2.__ Print a Year End General Ledger Trial Balance

o Click Reports on the Button Bar: Report Type = Accounting

Report Name = General Ledger Trial Balance

Month = last month of your fiscal year

Year = Previous

Format = End-of-Month

Click Create

3.__ Verify and Correct General Ledger Balances

We strongly recommend that every General Ledger account balance be verified in Eclipse before proceeding with year end closing entries. Along with this verification, Eclipse has a few checks and balances that are recommended before moving forward. (Every agency will have the following accounts to verify but G/L Account Numbers may vary.) Any errors or questions should be discussed with NASA Customer Support.

Verify the following accounts have a $0.00 balance: o Net Difference (last page of General Ledger Trial Balance) o 1900 – General Ledger Non-Posted Account

Verify the following steps are complete: o IF APPLICABLE: Any company income that should be declared, for the fiscal year being closed,

must be reconciled from company payables before year end closing entries are run. o IF APPLICABLE: Any producer expenses that should be declared, for the fiscal year being closed,

must be reconciled from Producer Payables/Producer Commission before year end closing entries are run.

4.__ Print and Save Final Financial Statements for the Year

When all general ledger accounts are reconciled and balanced, print and save a FINAL financial statements for the fiscal year.

o Click Reports on the Button Bar: Report Type = Accounting

Report Names =

o General Ledger Balance Sheet o General Ledger Profit & Loss o General Ledger Trial Balance

Month = last month of the fiscal year

Year = Previous

Format =

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o General Ledger Balance Sheet = Current Balance o General Ledger Profit & Loss = None specified o General Ledger Trial Balance = End-of-Month

Click Create

These reports should be saved by clicking Save in the bottom left corner of the screen.

***This history can be found under the Report Type- Accounting under the History Tab at the top of the Report Center screen. To see all the saved history for the General Ledger Trial Balance, General Ledger Balance Sheet or General Ledger Profit & Loss, place a checkmark in the box next to the report and click on All Dates and Find Reports.

5.__ Backup your Data files

Make sure you have a valid backup of your Eclipse database and files before proceeding!

***This backup should be renamed after it is created to ensure a backup that will not be overwritten when the Eclipsebackup.exe is run again in future steps.

If a full backup is not available at this time, run the 6.1 Eclipsebackup.exe. (Refer to the 2nd page of the Eclipse 6.1 Backup Instructions section of your Eclipse Training Manual for further information). Note: This will create a restore point of data but does not backup the Attachments, Letters, Acord Forms etc. in the Eclipse folder on the server. A proper backup of all these folders on the server should be verified with your

hardware tech to ensure safe storage of this data for future reference. Wizmo users should contact us to complete a backup prior to running the closing entries to ensure there is

not loss of data in the event a backup should need to be restored.

6.__ Run the Closing Entries Report

Please read the info provided below carefully before proceeding.

This step should not be completed until all adjustments, additions, and corrections have been posted for the year you are closing. Adjusting entries cannot be entered to affect the previous fiscal year’s balances once this step has been run.

Eclipse automatically moves all income and expense balances for the previous fiscal year to a year end closing account when the Closing Entries are run. This account is assigned under Setup-Agency Specifications-GL Specifications.

It is recommended that Closing Entries are run within 6 months of the year end date; however, Eclipse requires they be run within 12 months.

If year end has not been completed within the 12 month time frame, Eclipse will take the fiscal year you currently want to close PLUS the previous fiscal years that were not closed and combine these balances to create closing entries.

Daily posting should be completed before creating the Year End Closing Entries.

To Proceed with Creating Closing Entries for your Income and Expense accounts. o Click General Ledger on the Menu Bar

Select ‘Year End’

The report generated summarizes the year end closing entries; this report will automatically save to the Report History. This report maybe be printed for your records if desired.

***This history can be found in Reports, History Tab- Other should be checked. Click on All Dates and Find Reports.

7.__ Post the Closing Entries The Year End Closing Entries will display in the Recurring/Pending Transactions window.

***Users must have rights to post General Ledger transactions in order to post closing entries.

o Select General Ledger on the Menu Bar Select ‘Recurring/Pending Transactions’

The Year End Closing Entries will display as 199 for credits and 299 for debits.

Click the Post button. The screen will go blank when the entries have posted.

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8.__ Print a General Ledger Trial Balance with Closed Entries

o Click Reports on the Button Bar: Report Type= Accounting

Report Name = General Ledger Trial Balance

Month = last month of your fiscal year

Year = Previous

Format = End-of-Month w/close

Click Create

Verify the Current Balance column for the income and expense accounts are zero. If there are balances in this column, contact NASA Customer Support.