POST BALANCES FORWARD

 

 

 

 

DESCRIPTION:  Post Balances Forward is the process of closing your current fiscal year and opening a new fiscal year.  This should only be done after all the adjustments from your auditor have been made.  For this to work correctly, all funds need to have a closing revenue, a closing expense, and a fund balance account number specified in the fund's set up.

 

 

 

To access:  Click on the General Ledger module  then click the Post Balances Forward menu item.   

 

The following window will appear:

 

 

 

The Current year start date field will populate with the current fiscal year start date.  The New year start date field will populate with the same day one year later.  Normally these are the correct values to use but you can change your new year start date.  A confirmation message window will appear.  Click Yes to change your fiscal year start date.

 

Closing a fund's fiscal year requires posting offset entries for revenue and expense accounts.  Then the difference between the expense and revenue will be posted to the fund balance account.  Pro Fund Accounting will sum up the expenses and the revenue and post the entries in a single CE journal for all the funds.  If you change the fiscal year start date to a new month and day, then this will result in only a partial fiscal year.  You should only change this date with the approval from your auditor.  The CE journal description field will have a suggested journal description, or you can enter a different one.

 

The totals for all assets, liabilities, equity, and fund balance account numbers will be posted to a BF journal and dated for the first day of the new fiscal year.  The BF journal description field will have a suggested journal description, or you can enter a different one.

 

Click the OK button to start the post balance forward process.  When the process is finished, you will see a confirmation window.  Click OK.  Pro Fund Accounting will automatically exit back to the main window.

 

Click on the X in the upper right corner of the window or click the Cancel button to close the window.

 

 

Error Messages

During the balance forward process, if the program runs into account numbers with errors or problems, then it will display error windows telling you the account number and what was missing. Click OK and a window will be displayed where you can fill in the missing information.

 

Missing Valid Account Type

The error window is telling you that the account number is missing an account type.

Valid account types are:

A (Assets)                                   L (Liabilities)

E (Equity)                                    F (Fund Balance)

R (Revenue)                                X (Expenses)

 

Missing GL Acct Entry

The error window is telling you that the account number does not exist in the Accounts menu item.