How to close out a multiyear account that continues to carryforward
How to close out a multiyear account that continues to carry forward?
Multiyear fund
Carry forward
Close
Multiyear Life fund with a remaining Available amount
Post a Journal to zero out the available that continues to carry forward (the available on the account needs to say 0.00)Â
MUNIS > General Ledger Menu > Set up chart of accounts > Account Master
Click Search
Type in Org, Object, Project number or the Long account Number
Click Accept
Click Update
Change status from Active to Inactive or Closed if allowed.
Click Accept
Once the available is 0.00 and the year is closed nothing will carryforward. After this occurs and there are no current year amounts the Status of the Account can be changed to Closed.
Multiyear Life accounts that are in Active or Inactive status will continue to carryforward every year. Status must be Closed or have a 0.00 available to stop carryforward.