Close the Books

Written by Nick Miles

Last published at: June 7th, 2019
  1. Select General Ledger from the home page.
  2. Select Close Books.
  3. Click the End of Month drop-down, and select a month.
  4. Enter a Year.
  5. Click Close.
    • Note: When you close the last period of your year-end, the system will close the books for the year and create the appropriate closing entries.

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 for your fiscal year end 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.