The end of the year can be a busy time for most. For additional information, we have prepared a white paper for the year-end process.
IF YOU WOULD LIKE TO SCHEDULE NSA TO DO YOUR YEAR-END, PLEASE LET US KNOW AS SOON AS POSSIBLE.
If you don’t want or need to schedule us to do it for you but still come up against some issues or questions, we are available for on-call assistance from now to the end of the year.
There are Four Reports to Run:
There are 4 report-style processes to run in standard CSD / SX.e:
APAY – Clears out the vendor YTD balances, moves them to LY in APSV
ARAY – Clears out the customer YTD balances, moves them to LY in ARSC
GLAY – Copies the chart of accounts (COA) to the new fiscal year Advances the AO – Financials – Fiscal Year by +1 (from ’20 to ’21), Puts the balance forward into the asset/liability accounts in new COA
ICAAY – Clears out the product YTD balances in ICSW NOTE: After running GLAY, log out of CSD and back in to see the new fiscal year default in GLIA and confirm the AO fiscal year has been updated.
Run each of these processes only once. Run these processes when no one else is in the system.
Each process will produce a one page summary report stating the process has completed. It doesn’t matter if you run them on the last day of the fiscal year, or the first day of the new fiscal year. Just make sure they are done prior to starting business on the first day of the new fiscal (or calendar) year.
Run these in EACH valid company, and remember to also run these in your test and training databases.
These are normally run by the IT department or by NSA if needed. NSA will be available on call for assistance if you run into any issues. If you would like to schedule NSA to do your year end, please let us know as soon as possible.
Prior to posting transactions in the new fiscal year, we recommend running at a minimum these reports to file in detail and in summary, as well as to email and/or hard copy if required. Consider using the year at the beginning of each file name so they are all together and easy to identify by fiscal year. For example, if the fiscal year is 2024:
- 2024aprp
- 2024aprt
- 2024arrp
- 2024arrt
- 2024glra
- 2024glrt
- 2024glrbm
- 2024glrbo
- 2024glrbp
- 2024glrbt
- 2024icrtd
- 2024icrtn
- 2024icrtt
- 2024pdrt
- 2024varw
There are other reports you can run to file as needed, these are just the top ones that we usually do.
Accounting should be running GLAP – GL Administrator Distribute Profit monthly to post profit. If that has not been done monthly, it can run be multiple times (one for each month/fiscal period). If journal entries have been posted to periods after GLAP has processed, you can rerun GLAP for those periods. NOTE: For more about GLAP, refer to NSA White Paper Accounting Processes Month End CSD. The FINAL journal entry to close the year is to manually journal the earnings out of Current Year Earnings into Retained Earnings. Once that manual journal entry is done, do not back-post, do not rerun GLAP. If you need to back-post any entry to that ‘closed’ year (and it will have a P&L impact):
- FIRST reverse that final journal entry
- Then book the new journal(s)
- Rerun GLAP
- And finally, manually post the journal entry to move current year earnings to retained earnings
- Do NOT rerun GLAP
In the event you need to back-post journal entries greater than one fiscal year, contact NSA and we can walk you through the process. The journal entries should be done after hours, when no one is on the system and reports which could post to the GL, such as OEEPI, are temporarily stopped.
Kathy Lundquist
VP of Professional Services
516-240-6021