Close

This control allows you to select whether if the year should be closed during the close period process. Close Options are:

▪Period - When you close a period, current balances from expense and income accounts are accumulated in the net income account, and the expense and income statement account current balances are set to zero. Thus, the net income account contains the total net income for the period. The period to date balances for all accounts are also set to zero.

 

▪Period and Year  - You close the year at the end of your fiscal year. When you close the Current Balance is set to zero for all Income Statement accounts, but retained for Balance Sheet accounts. The Period-To-Date balance and the Year-To-Date balance are set to zero for all accounts. When you select to perform a Year End Closing a series of tests are performed to verify that General Ledger is in the correct state prior to closing.

 

If any non-voided entries exist on the unposted entry file, a warning message will display "All entries must be posted before continuing with the close", and will prevent you from closing the year.

 

 

Delete History

Checking the Delete History box will allow deletion of entries from the entry history file based upon the year option selected.

Options are:

▪Prior to the current year - Deletes all history entries prior to the current year (last year).

▪Prior to the beginning of the closing period - Deletes all history entries prior to the beginning of the closing period.

▪Prior to the beginning of last year - Deletes all history entries prior to the beginning of last year.

 

 

AP Cut Off Date

The date value entered in this field represents the beginning date for future AP transactions. entrée will not allow users to create any new AP transaction on or before the date entered in this field after the GL closing process completes.

 

Accounts

▪Net Income Account - Enter the account to which General Ledger posts the net profit or loss from the period/year in this field. If the account number is not known, click the search button to invoke the GL Account Search screen. Since only equity accounts are allowed, the search screen will display only equity accounts.

 

▪Retained Earnings Account - If you are closing the year, enter the account to which General Ledger posts the total year-to-date net income. If the account number is not known, click the  search button to invoke the GL Account Search screen. Since only equity accounts are allowed, the search screen will display only equity accounts.

 

OK Button

Clicking the OK button will start the close process.

 

Cancel Button

Clicking the "Cancel" button will close the window and return you to the Main Menu.