Update Ledgers

Use this option to update your ledgers for the start of the new year.

Menu Path:  Fund Accounting > Periodic Routines > Year-End > Year End > click Update Ledgers

System Processing

The Update Ledgers options has the following effects:

• Updates the Fund Accounting Profile to Period 1 in the new fiscal year.
• Rolls your Period 12 balances into Period 1 of the new year.
• Rolls Expenditure Control and Revenue Control balances into the new year's Fund Balance.
• Rolls Encumbrance and Encumbrance Control balances into the new year's Fund Balance.
• Rolls Budget Expenditure Control and Budget Revenue Control balances into the new year's Budget Fund Balance.
• Sets paid amounts to zero in the Vendor List's FTD Paid fields and Payer List's YTD Payments fields.
  After you update your ledgers to begin the new year:
• Post any additional prior-year transactions to Period 13 of the previous year. The system carries these forward to the new year's ledgers when you run the Interim Close and Final Close options.
• Update the following fields in the Fund Accounting Profile as needed: Next Requisition Number, Next PO Number, Next JE Number, and Next Vendor Number.

Note

If you are using the Human Resources Summer Pay Fiscal Year Accruals option, you must complete your final load and liquidate remaining payroll encumbrances before you can update your ledgers.

Updating your ledgers to begin the new year

1. Select Fund Accounting > Periodic Routines > Year-End > Year End to display the Fiscal Year End Processing page.
2. Click Update Ledgers.
3. In the confirmation dialog, click Yes.
4. In the Print window, enter settings for the log that is generated if errors are encountered. The log's default file name is begin_year.rpt.
5. Click OK to begin updating your ledgers.
6. If an error log is generated, correct any problems indicated, and then re-run the Update Ledgers option.