Close Year

Overview

"Close Year" enables submittal of the year-end close journal creation process. Income summary is calculated and posted to retained earnings. Beginning balances for real accounts are carried forward to the new year and nominal accounts are cleared for processing in the new ledger year. The year-end close process can be run multiple times for a calendar year to reflect any prior year posting made subsequent to its initial close.

Enter Ledger and Calendar, press TAB (or prompt Calendar via "?" ). All years defined for the ledger / calendar combination are displayed. Click a displayed year. Click "Income Summary" to calculate net income for the ledger calendar year. The income summary to be posted to retained earnings is calculated and shown in "Gain/Loss(-)" column. Click "Close year" to submit the close journal creation process to the background posting process. Note: If the close year is prior to other closed years, these later years will be reopened as they must be closed again to reflect changes from the prior year closing. A notice will be received when the year-end journal is created and ready to post. Post the year-end journal via "Journals->Entry".

Entry tips

Type "?" in a Calendar to retrieve a calendar from the selection display. Click on the desired calendar to select.

Close fields