The following details each step entrée performs when closing an entrée.GL period.

 

Post Net Income (Period)

Net profit or loss is posted to the net income account.

 

Post Net Income and Retained Earnings (Year End Closing)

Net profit or loss is posted to the Net Income account, and the total year-to-date net income is posted to the Retained Earnings account.

 

Print the General Journal Register

The General Journal Register Report window will be opened to allow you to print the report. This process will only run when there exists at least one manually created entry on the posted entry file.

 

Delete History

If the Delete History option is checked historical entries, based upon the selected deletion method, are deleted. Then entries from the posted entry file are copied to the entry history file.

 

Update Balances and Budgets

▪Period - The Current Balance is set to zero for all Income Statement accounts, the Period-To-Date balance is set to zero for all accounts.

 

▪Year End Closing - The Year-To-Date balance is set to zero for all accounts. The current year balances and current year budgets for all periods are moved to last year's balances and budgets.

 

Update Entry History File and Unposted Entry File

Amounts for entries on the posted entry file are reversed, provided the entries require reversal. Voided entries from the unposted entry file are moved to the entry history file.

 

Re-index General Ledger Files

The unposted entry file, the posted entry file, the entry history file, the account file, the department file, the recurring entry file, and the account type file will be re-indexed and any records marked for deletion will be deleted.

 

Update System File

The SYSDATA file is updated with the new period.

 

•The closing process monitor shows you the status of the various processes that are run during the closing process.

 

Status Values

▪While a process is running, the Status will be "Running".

▪When a process is finished, the Status column will display "Finished".

▪When a process is canceled, the Status will be "Canceled".

 

Only three processes can be canceled.

▪The Delete History process will be canceled when the Delete History option is unchecked.

▪The Print General Journal Register Report process will be canceled if the closing process determines that the report should not be generated.

 

You cannot cancel any process once the closing has started.