Create New Chart of Accounts

The Create New Chart of Accounts option allows you to establish all or part of the chart of accounts for the coming fiscal year. These accounts must be created before beginning processing of any transactions for the new fiscal year. Transactions include interaction with the budget planner, purchasing modules and journal entry of any invoice entry activity. If other TSC systems such as Warehouse Inventory System or OPS need to validate accounts in a new fiscal year, then the accounts must be established before any attempt is made to do that validation.

The first run of this program for a year will:

Create a new GL in the new year for each account from the old year. Accounts marked as deleted in the old year will not be created in the new year.

Create a new S/L in the new year for each S/L from the old year. The S/L control records are also created. S/L's marked as deleted in the old year are not created in the new year.

Creates a new dictionary entry for each level and each value (account and alias) for each entry from the old year.

The second and subsequent runs of this program for a year will:

Create a new GL in the new year for each account from the old year that does not already exist in the new year. Some fields will be updated in the new year based on the answers to the run options available in this program. The status of the account will be updated on every run. This means that if you delete an account in the new year, this program may recreate it or undelete it if the status in the old year is not the same. Accounts marked as deleted in the old year will not be created or updated in the new year. GL's created in the new year since the first run will be untouched.

Create a new S/L in the new year for each S/L from the old year that does not already exist in the new year. The S/L control records are also created for any control record that does not already exist in the new year. S/L's marked as deleted in the old year will not be created in the new year. S/L's are not updated by this process. S/L's and control records created in the new year since the first run will be untouched.

Creates a new dictionary entry for each level and each value (account and alias) for each entry from the old year that does not already exist in the new year. Every entry in the new year will be updated so that it will be the same as the old year record. Be careful if you change or delete records in the new year rerunning this process will undo your work unless the old and new year are the same. Entries created in the new year since the first run will be untouched.

This program is also capable of creating a transition year file. The transition year file provides the ability to update GL accounts in both the current and future year as well as providing the ability for POM requisitions to be created in either year.

Create Year-End Transition File

Accept the default of 'Y' if you would like to create a transition file. This facilitates the ability to update GL accounts in both the current and future year as well as creating POM requisitions in either the current or future year.
Enter 'N' if you do not want to create a transition year file. The related prompts will not display (The transition year file can be modified from the 'Year-End Transition Maintenance' menu).

Requisition CUTOFF for Current Year Is :

This date is used within the POM system in order to determine the year in which a requisition will be created. The default will be the current date.

If a transition file has not been created, POM requisitions will default to the fiscal year defined in the 'Finance Master Profile'.

If a transition file does exist, and the current date is on or before the cut-off date, POM requisitions can be entered in either the current year or the future year.

If a transition file does exist and the current date is past the cut-off date, POM requisitions will be created in the future year.

Enter Old Year

Enter the old year GL account number.

This displays for visual verification so the operator about to create the new year chart of accounts knows the year for the chart of accounts about to be created.

Are the Years Correct?

Enter 'Y' to verify that the current year and new year are correct.
Enter 'N' to re-enter the correct year.

Update Existing New Year Records

Enter 'Y' to overwrite the description, parent alias account status and factors information that exists in the new GL. Note: All information existing on the GL will be copied to the new year (e.g. revenue/expense locked etc.).
Enter 'N' if you do not want the description, parent or alias information updated on accounts that were created by an earlier run of this process. The account status is always updated.

Update Existing New Year GST Fields

Enter 'Y' to overwrite the existing GST information for the new year GL.
Enter 'N' if you do not want the GST information updated.

Create Balance Sheet/Revenue Expense/All

Enter 'A' to create a full chart of accounts for the new year, including balance sheet, revenue and expense accounts.
Enter 'B' to create balance sheet accounts only or 'R' to create revenue and expense accounts only.

Update S/L Fields:

Enter 'Y' to overwrite the subledger fields (description/post to and labour GL) that exist in the new subledger.
Enter 'N' if you do not want the subledger information updated.

Proceed

Enter 'Y' to confirm that the current year and next year to be used in creating the new chart of accounts is correct and that you want to proceed with the chart of accounts creation.
Enter 'N' to exit without creating a new chart of accounts.

Note: Run as often as desired. Each time this is run, it will create in the new year's GL any accounts that were created in the old year since the first run or since the last run or create chart of accounts. In addition, it will create in the new year's dictionary all the dictionary entries that have taken place since the last run of the create chart of accounts. In addition, the dictionary routine will update the descriptions using the descriptions of the old year and replacing them in the new year for all previous dictionary entries.