The following is list of each of the controls in the Close General Ledger area and a brief description of it's purpose.

 

Close

▪Period to close only the current period.

▪Period and Year when you are closing the last period of the year.

 

 

Delete History

Enabling this option to delete entries from the GL entry history file based upon the chosen deletion option. Selected from the following deletion options:

 

▪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. The current balance of all accounts (including inactive and summary accounts) is summed, and you will be warned if there is an imbalance (the sum does not equal zero). If General Ledger is unbalanced, you will not be able to close the year.

 

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.