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Starting a New Fiscal Year in Tops ONE

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Description 

Setting up next years Fiscal year and budget has been made easy with TOPS [ONE] Accounting Year Setup Wizard. 

This guide will give you step by step instructions on how to set up a new fiscal year, new accounting periods, budgets, and codes for the new year. 

 

Check out these free resources for some more information! 

8 Easy Steps to Prepare Budgets for your Community Association

Download a Sample Community Budget Template

 Your Guide to Surviving Budget Season

 

 

Step-by-step

Click portfolio then Communities. Select a community 

Scroll to Related links select Accounting Year Dashboard

Select Set Up New Year

This will open the Accounting Year Setup Wizard, click Get Started 

 

Enter Accounting Year Set up

The Wizard will save your settings from the previous year. 

To keep the same settings, you will only need to change the fiscal year. 

  • Fiscal Year- Select the new year
  • Start Date - Start date for your new year 
  • Period Frequency
    • Monthly 
    • Quarterly 
  • Accounting Method
    • Accrual 
    • Cash
    • Modified Accrual

 

Add your Accounting Periods 

Enter your Accounting Periods 

You can manually type in the date, or click the calendar icon to select the dates. 

Click Next 

 

Enter your next year budgets

  1. Filters the Budget table by Account type 
  2. Budget table- will only show accounts that are selected. The box will be blue if it's selected
  3. Distribution table for the account selected on the Budget table The line highlighted in blue 

Select  or 

  • Use Last Years Values - Will keep the same budget

  • Use New Values - Manually enter new budgets per account

  1. Enter a budget for the account 
  2. To evenly distribute the budget for each period, click Distribute 

 

Codes for the new year 

If an Assessment has multiple Code categories,  you can click the down arrow to minimize that assessment. 

To Edit the charge amount click the  icon to make edits.

The  icon will turn to a when you can make edits. 

 

Once the changes have been completed, click 

 

TOPS [ONE] Can assign as Reminder task to a user to finish closing the previous period. 

Select a date for your reminder 

Assign a user the task 

Click Finish 

 

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