Fiscal Year
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      3. Fiscal Year

      Year End Overview

      Preparing EBMS for the New Year: end-of-year information for the EBMS Administrator

      In this article
      Getting Started | Video Walkthrough | Resources | Forms & Updates | Technical Overview | FAQs | Related Content

      Getting Started

      EBMS makes it easy to close the old year, open the new year, and update tax and payroll information. There is no need for a January 1st crunch to get the old year completed. Opening 2024 by mid-December ensures a smooth transition into the new year! As new tax and end of year information is released, we will be providing it here and sending out emails. 

      EBMS version 8.4 or newer is strongly recommended for the updates. To verify your EBMS version go to Help > About EBMS. If you have questions about your version, please contact MyTickets@KobleSystems.com as soon as possible.

      NOTICE: This web page and its contents are subscription plan benefits and are only intended for your company. This includes the payroll tax updates and any other information downloaded from this website. Any other use is prohibited. All procedures and checklists are suggestions only and may not apply for your business.

      Video Walkthrough

      This webinar was recorded on 11/14/24

       

      Resources

      Checklists

      Forms & Updates

      Fiscal Year Technical Overview

      The Fiscal Year is set when the program is initially installed.  Most businesses' fiscal year, with the exception of those who are incorporated, is the same as the calendar year where the first month of the year is January. If your fiscal year starts in any other month, be certain that this window reflects the proper month order of the company's year.  

      The proper management of the fiscal year periods is an important discipline in financial management process.  Only periods that can accept transactions should be open.  EBMS posts transactions based on the document date such as the invoice, journal, and payment.   The user can affect the period that receives the transaction by changing the date.  The financial manager can limit the range of dates required by opening and closing periods.  

      It is important that the year is set properly before any transactions are made since it is difficult to change. If the fiscal year needs to be changed after the system has been used, it is recommended that you contact an EBMS representative for assistance.

      The fiscal year controls consist of a max of 26 open periods or 12 calendar months and 1 adjustment month for each of the two open years. The 13th month is used for year end adjustments that should not be included in the standard months.  A recommended schedule:

      • Close months a few weeks into the next month to give time for invoices that arrive with last month's invoice date, bank adjustments, and any other transactions for the last month.   A manager can reopen a month if necessary.
      • Open next year at least a month or more before New Years Day.   This step can be done anytime after last year is closed.
      • Close last year after the taxes have been filed for the year.

      Select Financials > Fiscal Year Controls from the main EBMS menu to open the following Fiscal Year Controls dialog:
      Screenshot1-Under#3

      The Fiscal Year Controls always lists two sets of monthly periods.  EBMS restricts any financial transactions to these 2 years.  Each of the possible open monthly periods contains an month open or close check mark option.  

      The following tools are important steps in managing a fiscal year:

      • Close Month: This utility can be used to generate month end reports, run utilities, and enable the monthly close check box.  This process is normally done a month or two after the last day of the given month. Review the Closing a Month section for more details and instructions on this important monthly process.

      • Utilities:  Review [Main] Utilities > Maintenance Utility for more details on the important maintenance utilities.  This process can be automated within the EBMS Server Manager.  Review [Main] Server Manager > Schedule Maintenance Tasks for automation instructions.  

      • Close Year: This utility should be launched after all months are closed for a fiscal year.  Often this close year is processed at the time the tax return is completed and year end journal entries are completed. Since only two open years can be opened, last year (not current year) will need to be closed before a new year is opened.  Review the Closing a Year section for more details and instructions.

      • NewYear: The utility to create a new year within the fiscal year controls must be launched before any transactions are created for the new year.  Review the Opening a New Year section for more details and instructions.

      NOTE:   If the recommendations listed above are properly scheduled, the user is not required to initiate any specific processes or utilities that must be completed between the last day of the fiscal year and the first day of the new year.

      Year End FAQs

      Related Videos and Content

      Videos

      Year End Best Practices - EBMS Insider Episode 407
      Year End Webinar - December 8, 2022
      Year End Webinar - December 8, 2021
      Year End Prep Webinar - December 17, 2020
      Year End Processes
      Fiscal Year and GL settings