Year End Process

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  1. Temporary Close (General Ledger | Processes | Year End Procedure | Temporary) While this process is optional, it is almost always performed because you need to begin working in the new year before you receive all final entries for the prior year from the CPA.
  2. Allow out of balance entries (General Ledger | Maintain | G/L Setup | Allow Out-Of-Balance-Posting?) - Checked
  3. Create Retained Earnings entry for Prior Year Net Income
    1. Create entry to retained earnings for prior year net income (General Ledger | Maintain | General Journal | Enter Transactions) - Credit for income, Debit for a loss
    2. Verify entry (General Ledger | Maintain | General Journal | Print Trx by Entry...)
    3. Post entry (General Ledger | Maintain | General Journal | Post Transactiosn...) - Answer yes to allow posting of out of balance entry
  4. Disallow out of balance entries (General Ledger | Maintain | G/L Setup | Allow Out-Of-Balance-Posting?) - Unchecked
  5. Once you receive your final entries from the CPA you will need to perform the Year End Close - Final