GL - Year end close
- Loan Thai
Analytics
To close your Year End in GL you will do the following: (this will update your Retained Earnings)
Go to your Accounting Period set up.
Make sure your Period 12 is open for GL and everything else should be closed since all sub-ledgers should be balanced and closed. Also make sure your Period 1 must also have the GL module Open.
Please note that the Status field is Open in both periods.
Below is what the screen should look like:
Then go to the Recalculate routine. Navigation is as follows: Ledger – Reports – GL Trial Balance
Enter the From period as 2015-12 and the To period 2016-1
Then click Recalculate.
You will be prompted several times as it goes thru the process. Be certain to click Yes/Ok on all prompts.
When it is complete, the Revenue and Expense accounts should now have a beginning balance of 0 for period 1 and the Retained Earnings account has been updated.
You should then rerun the Recalculation above from period 2016-1 thru your current open period to be certain your balances have been brought forward. If you are still in period 2016-1 then you do not need to do anything else.
When you have completed the above steps, be certain to close period 2015-12. You can do this by bringing up the Accounting period master again and click in the Status field of period 2015-12 and select Close. This will close all the modules at the same time.
That should do it! Your year has been closed.
If you find that you need to create an entry into the closed period 12 after the year close has been performed, you can do this by simply bringing up the accounting period screen as shown above. Set the Status field to open for period 12. Please note this will automatically set all modules to open. Reset them all to Closed except for GL. Click Save. You will then need to make sure period 1 is also set to open. While these modules are set to Open, users are able to insert transactions into these periods, so care should be taken when opening previously closed periods. You can now enter your entries, post them, then go thru the Recalculation process to re-close the year. Don’t forget to close the Accounting Period(s).