The [[http://wiki.openpro.com/doku.php?id=products:financial:gl-app-guide|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.

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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