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

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

1.__ Enter Year End General Ledger Transactions Enter and post any adjusting month/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 Click Reports on the Button Bar:

o Report Type = Accounting o Report = General Ledger Trial Balance o Month = last month of your fiscal year o Year = Previous o Format = End-of-Month

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

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 statement for the fiscal year.

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

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

o Month = last month of the fiscal year o Year = Previous

These reports do not save automatically and thus 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 Report History at the bottom of the screen. To see all the saved history for the General Ledger Trial Balance, General Ledger Balance Sheet or General Ledger Profit & Loss, highlight the row with the report title and click on Report History.

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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.

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

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.

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

o Select ‘Year End’ o A window will pop up asking “Do you want to create Year End closing entries?” Click ‘Yes’ o The report generated summarizes the year end closing entries; this report will automatically save to

the Report History. ***This history can be found in Reports, Report Type- All Reports under Report History at the bottom of the screen.

7.__ Post the Closing Entries The Year End Closing Entries will display in the Recurring Transactions window. ***Users must have security rights to ‘Post General Ledger Transactions’ in order to post closing entries.

Select Other on the Menu Bar: o Select ‘Recurring Transactions’ o Click the drop-down in the Transactions field in the lower right corner of the window. o Select General Ledger - Only the General Ledger transactions will appear in the Recurring Transactions

window. o The Year End Closing Entries will display as 199 for credits and 299 for debits. o Click the Post button. Only the General Ledger transactions, including your Closing Entries, will post.

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

Click Reports on the Button Bar: Page 2

o Report Type= Accounting o Report = General Ledger Trial Balance o Month = last month of your fiscal year o Year = Previous o Format = End-of-Month w/close o Verify the Current Balance column for the income and expense accounts are zero. If there are

balances in this column, contact NASA Customer Support.

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