Year-End: How To Close The Fiscal Year

Owned by Tim Jensen, created
Last updated: Jul 28, 2024 by Kat Grinter
3 min read

This will guide you through the setup and completion of the year-end closing of your fiscal year within Deltek WorkBook.

If you encounter a missing setup, please refer to your Tangram consultant.

REVIEW REQUIRED SETUP

Make sure you have the basic setup completed before beginning year-end closing.

  1. Check the Journal types are set up correctly.

  • Go to settings module > finance > journal types

  • You’ll find a “year-end closing” type as seen in the screenshot below:

 

2. Ensure the year-end closing is mapped to the correct type.

  • From the journal types menu > go to the journal types mapping tab

 

3. Check the basic finance settings for the company you’re doing the year-end closing for.

  • In settings > finance menu > select basic finance settings

  • Make sure you have an Operating and Equity account selected as shown in the screenshot below:

 

INSTRUCTIONS FOR MAKING YEAR-END CLOSURE

Once the setup is confirmed correct or validated to work as intended, your year-end process can begin.

  1. Approve open entries from the previous year

  • Go to the finance & administration module > administrative follow-up > open job adjustments

Creditor & debtor invoices can be approved from their separate interface under:

  • Creditors > creditor invoices

  • Debtors > debtor invoices

 

2. Complete all open transactions.

  • Go to general ledger > project posting

  • In the include up to this date field > add the last date in your fiscal year

 

 

3. One final step before the last process is to make sure all manual and daily journals are approved, cancelled, or booked correctly.

  • In general ledger > go to the journals menu

 

 

FINAL INSTRUCTIONS

Let WorkBook do the job for you and close the year off

  • Start by navigating to finance & administration

  • Navigate to month-end > select month / year closure

  • Select the Financial Year you want to close from the drop-down:

  • Create a new closure as shown in the screenshot below

  • Fill out the information required:

    • Select your fiscal year & period final date

    • The voucher number is automatic

    • Posting description is required e.g. “Year-end closure 1”

    • We recommend that you make the system automatically post & close the fiscal year accounting periods



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