This section only applies to customer's using the optional entrée.GL (General Ledger) add-on module.

 

Access

1.Go to the System ribbon menu.

2.Select Close Period.

3.The Close Period dialog will open.

4.Check the box for the Close General Ledger option.

 

At the end of an accounting period, or at the end of the fiscal year, you must close the period or year. Closing calculates the net profit or loss for the period or year, updates balances, and creates historical information. Closing General Ledger also allows you to remove voided journal entries and old historical records.

 

At the end of the accounting period, closing the period ensures the year to date and period to date totals for the accounts remain current. 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.

 

When the Close General Ledger Period process starts, 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, you will receive a warning, which will prevent you from closing the period.

 

•If the period you are closing is period 12, you are warned, and allowed to cancel closing the period by clicking the "No" button. This allows you to close the year instead of the period.

 

•If the period you are closing is period 13, you will receive a warning, which will prevent you from closing the period.

 

The GL closing process is not date driven and can only close the "current" period.