Close DirectLine Fiscal Year
Purpose: Use this guide to close the fiscal year after all asset tracking and depreciation reports have been collected. This process will "freeze" the data so a historical report can be retrieved any time in the future.
Audience: Finance business office staff responsible for closing all databases at the end of a fiscal year.
You will want to close the DirectLine fiscal year during the 13th month of accounting activity and lock the ending balances after creating your final draft of the CR2128 report.
Print and Save Final CR2128 Report
Navigation: FAE Inventory / FAE Reports / CR2128 Fixed Asset
- Select FAE Inventory from the main menu.
- Select FAE Reports.
- Select CR2128 Fixed Asset report.
- Select Fiscal Year for your report.
- Confirm or enter Start Date.
- Confirm or enter End Date.
- Enter a check mark in the Final Run checkbox.
- Select the OK button.
Be sure you have finished all data entries prior to checking the Final Run checkbox! If you discover later that you closed the file too soon, contact Megamation Support ([email protected]) for help to reverse the process.
- Save a copy of the resulting Excel file if desired. This report can be retrieved at any time.
Close Fiscal Year
Once you are satisfied the CR2128 is finalized, your DirectLine campus administrator needs to close the fiscal year. This process captures the year-end balances and prepares the opening balances for the next fiscal year.
Navigation: Administration / Fiscal Year Entry
- Select Administration from the main menu.
- Select Fiscal Year Entry from the Administration menu.
- Select the appropriate fiscal year from the Fiscal Year Code drop-down list.
- Uncheck the Fiscal Year is active, open checkbox.
- Save your changes.
The fiscal year entry screen provides a closed or still active messages to let you know the current status of the fiscal year selected.
Closed Message
"Fiscal Year has been closed. To view the CR2128 Final Run report, please go to FAE Report menu item, select the CR2128 report and click on the Final Run checkbox. This CR2128 Final Fun report gives you a snapshot of closing balances when the fiscal year was closed."
OR
Still Active Message
"Fiscal Year is still active. To Close the fiscal year, please go to FAE Report menu item, select the CR2128 report and click on the Final Run checkbox to create a historical snapshot at fiscal year-end. This report will capture year-end detail and be available at any time in the future."
Set Up New Fiscal Year
Continue on to the Add New Fiscal Year user guide when ready to set up a new business year.
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