Hard close fiscal year (2024)
Blackbaud is taking away the ability to hard close a fiscal year. This means the value in your Retained Earnings accounts (mine are 01-3000 and 02-3000) would have $0 entries reflected. In addition, you are unable to run an accurate trial balance report that shows the correct balance in your retained earning accounts.
This is a core accounting function; closing the income statement to retained earnings each year. When all else fails an accountant can use the trial balance statement to build the financial statements and figure out what does not balance. For the record I do like the soft close option on reporting, but there needs to be hard close like in database.
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Guest
- May 13 2024
- Implemented
We did the pre-close and hard close in FE Nxt in January (our fiscal year ends 5/31) and now all our 2023 balances show as zeros. I wonder if anyone else has had a similar issue? All our reports (TB, Income Statement, Balance Sheet) are incorrect. And BlackBaud support team is not very responsive.
Fantastic! I'll check it out! Thank you so much!
Thank you for the update. I was able to close FY 2023-24 successfully.
Thanks.
Regards,
Shan-Mei
*Shan-Mei Phillips, CPA*
*Chief Financial Officer*
*New College Foundation*
(941) 487-4672
shphillips@ncf.edu
You can now pre-close and close fiscal years in web view. To close or pre-close a fiscal year, go to General ledger, Settings, Fiscal years.
For more information, see Manage All Fiscal Years.
I just read more on the "mock close". They're making it sound like it's really great that we don't have to do a journal entry to close out a year. Who cares if we can still go back and make entries in years that should be closed. Frustrating.....
Agreed!
Agreed! How to take this away in an accounting software system. You HAVE to be able to do a hard close and close all accounts out to retained earnings! This is accounting 101!
I agree with you guys. I can't believe there's an accounting software that has no hard close fiscal year function. I am speechless on BB's move. If BB didn't consult with accounting professionals before deciding to take away this basic but important function, I hope at least BB listen what the users are saying here and restore the function ASAP.
Does anyone else have the issue of the soft close not working either? I've been having that since May with little to NO response from support. Now I can't even hard close. Absolutely unacceptable for an accounting software! Definitely losing a long time customer over this one.
I've seen some utter stupidity in the process of switching to NXT, but this takes the cake and pops out of it wearing a dunce cap and singing "Shimmy shimmy ko ko bop." How do you remove a core accounting function from database without adding it in NXT? A mock close is not a hard close. This needs to be developed and added yesterday.
Absolutely an epic fail on the part of BB....how do you take away a basic accounting function with no consideration for the consequences?? They really need an accountant involved in the development phase before ridiculously dumb decisions like this are finalized!!
We require proof of a hard close for audit
I agree! How is there not an option to hard close the fiscal year?
We must be able to hard close a fiscal year. The cumbersome process of building a financial statement without a hard close is unacceptable.