Click the Go button to create the necessary closing entries.Generates the GL Closing entries to Retained Earnings.
Automatically debits your sales accounts, credits your expense accounts, and takes the net and applies it to the GL Retained Earnings account that you specify. Note that a closing entry may be generated more than once if adjustments are needed.
GL Account Id:
Enter the GL Retained Earnings Account Id (or double-click on this field to select from a list) to be debited/credited with the net of your sales and expense accounts. This field is required.
GL Entity Id:
Normally, this field would remain blank. It would be filled in only if your firm is running separate companies (or in some cases, offices) on the same database, and wishes to run the close for each entity individually. For example, if your firm, Alpha Enterprises, owns two firms (Beta Inc. and Kappa Co.), you could run the close twice: once for your Beta entity and once for your Kappa entity.
Period Id:
Select an active Accounting Period where the last day of the Accounting Period is the same as the last day of the fiscal year, normally in the 12th or 13th period. You may enter the Accounting Period Id directly or double-click on this field to select from a list. This field is required.
Period Start Date: Period End Date: Period Status:
These display-only fields are filled in when an Accounting Period Id is selected. The Last Day of the Fiscal Year that you enter below must be the same as the Period End Date. Be sure that the Period Status is Active.
First Day of Fiscal Year
Enter the first day of the fiscal year being closed in MMDDYYYY format (or double-click on this field to display the Calendar viewer to help you do so). This field is required.
Last Day of Fiscal Year
Enter the last day of the fiscal year being closed in MMDDYYYY format (or double-click on this field to display the Calendar viewer to help you do so). This field is required.
GL Entity Id:
This field is normally blank. It would be filled in only if the GL Entity field at the top of the screen was filled in, and you wished to fold several entities into one. Continuing the example that we began earlier, suppose that Beta Inc. and Kappa C. each include three entities:
Beta Inc. Kappa, Inc.
100 Admin 200 Admin
101 Construction 201 Construction
102 Engineering 202 Engineering
In order to close out Beta to the Administrative entity, the GL Entity at the top of the screen would be filled in with a 100. The bottom GL Entity range would be entered as following: 100_102. Doing so would credit the Administrative entity for Beta with entries for its Administrative, Construction, and Engineering departments.
Click the Go button to create the necessary closing entries.