Post Net Income

Net profit or loss is posted to the Net Income account.

 

Print General Journal Register Report

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.

 

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

 

Delete History

This will delete historical entries based upon the delete history option selected (see Close Period Controls), and then entries from the posted entry file are copied to the entry history file.

 

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

 

Update Balances and Budgets

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

 

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.

 

Reindex 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.

 

▪The Reindex General Journal Files process will be canceled when Rebuild Index is unchecked.

 

Update System File

The SYSDATA file is updated with the new period.