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Closing The Fiscal Year

Fiscal year-end procedures are basically the same as those for closing an accounting period, except for some additional steps.

Many companies never actually close the last period of the year. Instead, they leave it open so they can run reports and make audit adjustments. If you do this, you should also adjust the entry edit status of all transaction screens for this period to prevent entry of unauthorized transactions. Leaving this final period open lets you complete adjustments at any time.

One of the main differences between closing a regular accounting period and closing a fiscal year is that most companies adjust revenue to actual in the last period of the fiscal year. If you have been posting revenue at target rates with variances during the fiscal year, posting revenue at actual rates clears all variance accounts. All revenue is then calculated at actual rates and compared to actual expenses. The only exception is if you select Fixed in the Ceiling Method column on the Burden Cost Ceilings screen in Manage Project User Flow. This method uses a fixed rate regardless of the rate method used in closing.

This list of fiscal year-end procedures does not include any procedures for Costpoint add-on modules. Refer to the documentation for the individual add-ons for information on closing procedures for those modules.

Note: Do not confuse closing the fiscal year with closing the payroll year. The payroll year is always based on a calendar year, and it relates primarily to payroll earnings.