It’s used in cases where the previous fiscal year must remain open for a period of time into the new year. Performing a year-end simulation will roll forward the ending balances for the Balance Sheet accounts without creating the closing journal entries or permanently closing the Fiscal Year. By simulating the close, monthly statements will include the correct opening balances until the previous Fiscal Year is ready to be closed and retained earnings calculated.
Prerequisites Before You Start
Accounts (Setup > Financials > GL > Account Classes)
Verify that Account Classes are set up correctly for Expense & Revenues (Reset to Zero) and Assets (No).
Periods (Common Data > GL Accounting Tables > Fiscal Periods)
Open the next fiscal year and first month of the new year.
Users (Development > Utilities > Verifications > User Monitor)
All users must be logged off. The Journal, EDI, and ADC monitors must also be stopped since they are considered a user.
Running the Simulation
Financials > Utilities > Year End Simulation
NOTE: You should deselect “All Companies” and run just one company at a time, General Balance and Analytic Balances must be selected, and you always run Year-End Simulation for the NEW or NEXT year (2015 in this case).
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