We are fast approaching the end of year 2020...

Here are a few quick links you may find helpful as you prepare: 

• Year End Prep Webinar - RSVP to save your spot at next weeks event
• Resources - RSVP to save your spot at next weeks event
• Checklist - Save or print to guide your transition into the 2021 New Year
  
• Order Forms Online - FREE SHIPPING until the end of the year

Have you opened fiscal year 2021 yet?

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.

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 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. 

IMPORTANT NOTE:
This process may take a long time - from half an hour to a day or more depending on your data size. You may want to start in the evening and let it run overnight. 

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.

If your current year is 2021, this process has already been done. Do not proceed. 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.)

5. Click on New Year

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

1. If the count is NOT 0, click No, and find the user that is logged on. Log that user off and retry.
2. If the count is 0, click Yes to continue.
   

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.

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

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!

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

Kind regards,

Eagle Business Software