Close the Books

  1. Navigate to General Ledger from the Home page.
  2. Select Close Books from the left-side menu.
  3. In the Close Books To window:
    • Click the drop-down menu to the right of End of Month and select a month.
    • Enter a Year.
    • Click Close.

To Close the Books for the Year:

  1. Navigate to General Ledger from the Home page.
  2. Select Close Year from the left-side menu.
  3. In the Close Year window:
    1. Enter the Year you want to close.
  4. Choose an Equity Account (E) to hold the end of the year equity, eg. 4000 Equity::(OE)
  5. Select the Agency Liability Account (L).
  6. Click Close


Pro Tips:

  • After closing the books you can not make changes or edits to any accounting transactions from that accounting period unless you reopen the books.
  • Closing the books sets Revenue and Expense accounts to a zero balance for next accounting period. 
  • Asset, Liability and Equity account balances are carried over to the next accounting period. 
  • Be sure that all your accounts have been reconciled, revenue/losses from investment accounts have been shared and administrative fees have been charged before closing the books.

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