The Close Year Screen allows you to close all entries to the GL. By closing the year, Accounting periods are generated for the new <following> fiscal year, new comparative amounts are created, balance forward entries for all balance sheet accounts are created, It automatically posts the net profit/loss to the retained earnings account entered in Rules Setup, Business Rules Account and prints the Year End Closing Register. For the P&L accounts beginning balances are moved over to the new fiscal year and first period Y/E Closing entries are posted to zero out the accounts.

The upper section allows you to select the specific fiscal year you want to close posting to.

The lower section gives a breakdown of retained earnings in terms of Location, account number, account description, beginning balance, debits, credits and closing balance.

This posting process can be done as many times as you want, if you make adjusting entries to the prior years that are closed, you can run close a year to Just recalculate next years beginning balances. If you have to update a P&L account you must run end of year backout first and then rerun the year end close.

Location: This is the division or companies to be closed

Account number: various account numbers for various accounts held in the divisions or companies

Description: This is detailed information usually of descriptive nature about the account

Beginning Balance: This is the balance at the start of the fiscal period

Debits: These are all the debits across the fiscal period

Credits: These are all the credits across the fiscal period

Ending Balance: There are the account balances at the end of the fiscal period