This screen allows you to:
Close the current accounting month and open the next month.
Before you begin:
This option should only be run after you have posted all transactions for the month, using the Post Transactions option from the General Ledger Menu, and printed your Income Statement and Balance Sheet.
The balance forward date for all general ledger accounts (chart of accounts) will be changed to the last date of the previous accounting period.
You cannot post transactions to a period that has been closed. Be sure you are finished with a period before choosing this option.
This option will close out the accounting year, if the month to close is the last month of the year. The first month of your accounting year is set in the control file: therefore the system will automatically determine the last month of your accounting year. Be sure you have made all postings needed prior to letting the system close out your year. The annual close includes zeroing your expenses and income accounts and posting your current earnings to your retained earnings. Once again, be sure you have made all year-end entries before continuing with an annual close.
Prompt descriptions...
[Continue] with close or [Exit]:
Click [Continue] to continue with the close. Before continuing, be sure you have reviewed the information on the screen and that it is what you want the system to do. You may want to review the Post Transactions section of this chapter and the "Before you begin..." section above before continuing. When you [Continue] system will proceed with the close period process.
Click [Exit] to exit this screen and return to the General Ledger Menu.