Fiscal Year End Close

Contents - Index - Previous - Next

Fiscal Year End Close

General Ledger >> Year End >> Select Actions. While there are no special steps that you need to process in order to close the general ledger for the last month of your fiscal year, go to this process.

The system will automatically zero out the operating statement accounts and move current to retained earning before updating the first trial balance for the next fiscal year.

You may want to also zero out/reset the YTD Invoiced and YTD Paid fields on the supplier and customer records. Go to System Utilities >> Financial >> Financial Utilities >> Clear YTD Amounts