Processing Fiscal Year End

Overview

This document will cover items that should be addressed when opening and closing a new year in Evolution. 

For this walkthrough, we will be closing calendar fiscal year 2024 and opening a new year beginning 2025.  You can, of course, adjust this as needed to fit your fiscal year.

Details

Typically, you will open your new year on or before January 1 for the new year and open your department and company dates
to accommodate the new year. If this is not done prior to the first date of the new year, you will not be able to invoice any documents.

The time period for the new year must be opened before any transactions can take place. Creating the new year is set up in the Journal Entry application, under the top icon "Fiscal Year End" and you will want to select the first day of your new fiscal year (1/1/2025 in this example) and click OK to create the new year and accounting periods for each GL. You will then need to open a month, quarter, or whatever timeframe your company uses in the Company setup tab and Department setup tabs to allow posting into those dates for your organization. 

See below:

As long as you keep the previous month or months open in the Company and department setup, you can post items back into the previous year until you are finished with your year end entries.

Then, you will typically want to close off 2024 in your Company transaction dates to ensure that those periods are no longer posted into.

You can then do a fiscal year roll to process your year end for the previous year. This will again be done via "fiscal year end" in journal entry. This time, however, you will select the first day of the year you are currently looking to roll and close this time (1/1/2024), as opposed to opening a new year. 

You will need to adjust the date back to the previous year before selecting okay. This will recalculate and align the GL accounts for each period to ensure that the detail matches the ledger values. 

Once this is completed, your fiscal year has been closed for 2024 and opened to begin 2025 and you can run any financial reports as needed