GL Year End

Process Description

This page is only used to close the current Fiscal Year. Before you can close the fiscal year, each period must be closed first.

Closing Process

- select the close journal entry that will post for the year end transactions (this is usually the YE Year End Close (setup-general setup-accounting tab).

- All invoices/payments are processed or entered for the day.

     - check the generated invoices application for open invoices.

- void any checks/invoices that are incorrect.

- post all transaction to the bank reconciliation and then post to the bank reconciliation

- post Invoices and Invoice Payments to the GL.

- ensure all journal entries have been entered.

- post subsidiary journal entries for the day.

- run the balance report.

- complete month end procedures.

- run the complete general journal.

- run the required financial statements.

- make sure all periods are closed for the FY you're closing.

- close the Fiscal Year.

Periods can be reopened if your CPA makes adjustments.

- create the adjusting entries.

- run new financial statements.

- close the year.