Skilled Nursing Facilities

Year End Procedures Quick Reference Guide

This document provides details for closing the year in PointClickCare.

After you complete your regular month end process for December and your books are ready for audit review, you are ready to close the year. This process must be done in each facility that uses GL/AP.

Note

These instructions assume you have the calendar year as the Fiscal Year. Adjust the month if your fiscal year closes on a different month.

Pre-Closing Tasks

Print and review your chart of accounts before beginning the closing process. To view your Chart of Accounts, click Setup from the GL/AP menu, and under General Ledger Setup, click G/L Chart of Accounts. For a printout of the Chart of Accounts, click Printable View.

Review this report to ensure that the account type is correct for all account numbers (for example, an asset account such as A/R has an account type of Assets). This is important, as the year end close function automatically closes out all accounts with an account type of Income or Expenses against the Retained Earnings account.

Confirm that the Retained Earnings account in the GL configuration is correct. The automatic closing entry uses the account number that is specified.

  1. From GL/AP > Setup, click G/L Configuration.

  2. Next to the Retained Earnings account, verify that the correct number is specified. If it is not correct, click clear and reenter the account number and click Save.

It is also recommended that you run a G/L Trial Balance before you close the year to keep for your records.

The G/L Trial Balance report shows the Net Income (Loss) for the year at the bottom of the report. This should be the dollar amount that is automatically adjusted out to the retained earnings account when you close the year.

  1. To run the G/L Trial Balance Report, click Reports on the GL/AP menu.

  2. In G/L Reports section, click G/L Trial Balance.

  3. Select the appropriate Fiscal Year and Fiscal Period 12. Leave Accounts detail All selected. Leave all other boxes clear.

  4. Click Run Report. From there, you can send the report to the printer.

Fiscal Year Closing

  1. From GL/AP Portal, under the Current Posting Period section, click Close Fiscal Year (G/L).

  2. The Task Checklist is a reminder of the necessary tasks to complete before the year end closing process continues. The tasks are:

    • Generate AP/GL Transactions Report and if the are transactions, import them to the General Ledger.

    • Ensure all AR, AP and GL batches are posted for the fiscal period you are closing.

    • Ensure all fiscal periods for current fiscal year are closed.

    • Ensure the next fiscal year is created.

  3. When all tasks are completed and selected, click OK. A Close Fiscal Year message box appears. It indicates the fiscal year you close with a message. The year end close function automatically generates and posts the journal entry to close out all Expenses and Income accounts against the Retained Earnings account. The report shows the details of that closing entry. It also closes out/resets all Days/units accounts to zero.

  4. The report with the closing entries appears on screen. You may want to print this for your records.

  5. After you close the year, it is recommended that you run another G/L Trial Balance to ensure that the net income figure at the bottom of the report is zero.

  6. Click Reports from the GL/AP menu.

  7. Under G/L Reports reports section, click G/L Trial Balance.

  8. Select the fiscal year you closed and Fiscal period 12. Leave Accounts detail all selected. You must select Include Closing Period.

  9. Click Run Report. The report appears and the Net Income (Loss) should show as 0.00, as the closing entries moved the net income or loss to the Retained Earnings account and all expense and income accounts do not appear, as they are closed. Send the report to the printer if you want a printed copy.

  10. The year end close process is complete.

  • For the A/P GL Transaction report, navigate to Reports > A/P Reports > A/P G/L Transactions report. If there are transactions in this report, they need to be imported into General Ledger before proceeding.

  • All expense, income and days/unit accounts should now show $0.00 on the trial balance.

Adjusting Entries

After the year end is closed, there are post audit entries called Year end adjusting entries. To enter and post these entries, you first reopen the ADJ month to post these entries.

  1. From GLAP - Setup, click Fiscal Calendar Setup.

  2. In GL, click edit next to the fiscal year you want to post adjusting entries to.

  3. Click open next to Period 12, Adjustment and Closing Entries. Click Save.

  4. Go to Setup, click G/L Configuration.

  5. Select Posting to Previous Years to allow posting to previous year.

  7. Go to the General Ledger > New> and create a new Batch called Adjusting Entries and the fiscal year end you want the entries to be posted to.

    Any adjusting journal entries after the year end close should be entered and posted to the adjustment period in that Fiscal year. When typing your entries, use an effective date of the last day of the previous fiscal year that you closed and then click the period selection box and select ADJ. Make sure the year shows the fiscal year you closed.

    When you post the adjusting entries, the system automatically generates a closing entry for any Expense and Income accounts in that entry and move them to the Retained Earnings account. It resets any Days/Units accounts to Zero. Using the ADJ period enables you to print your monthly financial reports as they were originally submitted, but also enables you to run a final set of financial statements that match your final audited financial statements.

  8. After you complete all adjusting entries, from the GL/AP menu, click Setup and click Fiscal Calendar Setup in the Organization Setup section.

  9. Click edit for the Fiscal 2014 and for the Period 12, Adjustment and Closing period, click Closed and then click Save.

  10. From the GL/AP menu, click Setup and click G/L Configuration under the General Ledger Setup section.

  11. Clear Posting to Previous Years to not allow posting to a previously closed year. Click Save.

  • You require the GL Setup or GL/AP Role or equivalent security access to access GL functionality.