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During the year end final close process, one of the processes involves rolling the Profit and Loss account balances into Fund Balance accounts, so at the beginning of the new fiscal year, all P&L Accounts will reflect zero balances.
Closing Accounts can be assigned at the Fund level, or at individual General Ledger Account level.
To see a listing of all P&L Accounts, and their assigned (or not assigned) closing accounts, locate the Accounting/General Ledger workspace and run the “Year-end P&L Closing Accounts” query.
Assign a Closing Account at the Fund Level
If the same closing account should be assigned to all P&L accounts within the same fund, the most efficient method is to assign the closing account at the Fund Level and all GL Accounts within that fund will automatically be assigned with the designated closing account.
- On the General Ledger homepage, click on the GL Fund List and choose the fund you would like to assign a closing account to.
- With in the GL Fund, navigate to the General Ledger tab and enter the desired Closing GL Acct.
- Click Update.
Assign a Closing Account at the GL Account Level
Assign a Closing Account on an individual P&L General Ledger Account can be made directly on the GL Master detail screen.
- On the General Ledger homepage, click on the GL Chart of Accounts link and choose the desired GL Account.
- On the General tab, update the Override Closing Acct.
- Click Update.