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Open Fiscal Year 2021

As we approach the end of 2020 and prepare for 2021, one of the first things you need to do is open fiscal year 2021 in EBMS. This makes it possible to process transactions in the new year. Note: this only applies if your business operates on a calendar year.

Opening the new year of 2021 will close fiscal year 2019, however, you will still be able to make transactions in 2020. We recommend running this process by early or middle of December to avoid being rushed at the end of the month. 

2019 should only be closed after:  

  • All transactions have been posted for the year 2019. 
  • The accountant has processed tax returns and has made all necessary adjusting and closing entries for year 2019.

Step-by-Step Instructions
to Close the Old Year and Open the New Year

1. Make sure you are doing this from the data server, and that all other users are logged out of EBMS.

2. Go to General Ledger > Fiscal Year Controls

3. Ensure that this process has not already been done for your company.
check current year

  1. If your current year is 2021, this process has already been done. Do not proceed.
  2. If your current year is 2020, please continue. 

4. Close the 2019 year by checking off each month, and be sure to check the 2019 Ending Adjustments box as well. (Clicking the close year button checks these all at once for you.)

check current year

5. Click on New Year

6. A warning message will appear telling you how many people are logged in.

a. If the count is NOT 0, click No, and find the user that is logged on. Log that user off and retry.

b. If the count is 0, click Yes to continue.

check current year

7. After you've clicked yes, a message will appear asking if you want to copy profit center information to the new year. Click yes if you do. If you are unsure if you have profit centers, you can click yes as well; it will only copy them if you have them.

check current year

8. The process will run. When it is done your fiscal year controls window should look like this:

check current year

9. We suggest closing all months you are not currently working in. In this case, all months except December 2020 and January 2021 should be checked.

10. Congratulations! You're ready to make sales in 2021!

 

For more instructions review these sections:

Please feel free to contact the client support team if you have any questions.

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