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Year End Closing

Solution To close a year go to Ledger -> Journal Entries -> Close Year. A special Journal Entry will made to close the balances in the Revenue and Expense Accounts to the Retained Earnings Account.

> Prior Year Closings will be displayed at the bottom of the screen.

> You can still access a closed year and make adjustments. You do not need to re-open a year to post to it.

> Once you have posted new journals you will need to re-close the year.

> When you re-close a year the previous closings will be canceled.
 
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Article details
Article ID: 178
Category: Ledger
Date added: 2010-10-06 16:44:24
Views: 471
Rating (Votes): Article rated 3.1/5.0 (35)

 
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