Timing of Year End Rollover

Year End Rollover does not have to be done on the last day of the fiscal year (as determined in Accounting tab in Company Preferences). You can
  • wait until the first day of next fiscal year to run the rollover. This will capture internet sales through midnight and into the current year -or-
  • do it a day or so early. Any sales occurring after rollover will be allocated to the next fiscal year.
  • Generally speaking, a good accounting practice is that year end rollover should be run as soon as possible after the actual end of year

If you have not run a Year End Rollover and the last day of the fiscal year has now passed:

  • the user will receive a message when trying to post G/L entries at end of day. This message indicates that some sales or deposit postings were not done because they are in the next fiscal year. This still gives time to print the G/L reports for prior year and make adjustments.
  • any donations entered after the start of the new fiscal year default to the past fiscal year. If the intention of a donation is to be in the NEW fiscal year, then change the fiscal year on the donation entry window manually -or- do Year End Roll Over and the fiscal year default will change.

If the organization does a Year End Rollover and still needs to make manual adjustments to the G/L, they can be done to the prior year. Then print a G/L report for the prior year (because of the roll over, the current year moved to the prior year). This means the user can still get any financial information needed.

Year End Rollover and Extended Break Settlements

Fiscal Year End Roll Over
If your offices will be closed during the time of your Fiscal Year End (such as over December 31, for example), you may want to make Year End Roll Over (YERO) preparations before you close for the season that need to occur prior to transacting any business in the new fiscal year.

Why is this important?
The primary reason Theatre Manager needs a YERO performed is to appropriately move donation funds into the correct fiscal year. Typically, future campaign funds are kept in a separate General Ledger account (deferred) until the first day of the new fiscal year. The YERO process moves these funds from the deferred account to the earned account. New donations, intended for the upcoming fiscal year, will need to be appropriately allocated according to the ACCOUNTING tab of the campaign setup. The YERO also advances the default fiscal year setting when entering a donation. If the YERO has not been performed, the funds will not be allocated to the correct fiscal year. Season and event ticket income may also be affected depending on the settings in your database.

The complete YERO steps can be reviewed and followed at Year End Rollover as it provides you the step-by-step instructions to complete the process.

Special notes:

  • Be sure to make a backup of the database prior to running the YERO.
  • Be sure to read the section on the optional step carefully. Although most organizations do not use this option - review them with your accountant to see if they do apply to you.
  • Do not interrupt the YERO process. It may take from several minutes to several hours to complete and the computer may look "stalled" during that time. Do not stop the process or interrupt the computer at any time. If you are unsure, contact Arts Management Systems Support first. If you quit the process, you may need to restore to a backup copy of the database before you can continue.

End of Day over an Extended Break
In addition, you may need to take into consideration your End Of Day process over an extended break, such as the upcoming holidays. Ideally, you need to keep the Deposits and Sales Entries portion of the End Of Day going on a regular basis over the break - bearing in mind that even though there is no one in the office selling tickets, if you have web sales, it will continue to run. Please refer to strategies to keep your system running smoothly over an extended break.