Closing the GL period to the next year

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Important reminder!

Licenses for Payroll CS, Trial Balance CS, and Write-Up CS (but not Engagement CS) permanently expired on March 1, 2017.

For details, see CSA license expiration 2017 – frequently asked questions.

Some processes documented in the Help & How-To Center are no longer applicable, due to the discontinuation of these CSA modules.

To close to the next year, the current period must have already been set to the last period of the year using the Move to next period procedure.

If you have closed this year before, you will not need to repeat some of the following steps because you would have already specified the relevant options.

  1. Choose File > Select Period to Process.
  2. Click the Close to Next Year button.
  3. If you are closing the year for the first time:
    • In the Period End Dates dialog, specify the period end dates for the next year. The application automatically displays default dates based on the current client properties. To modify a date, highlight the part of the date you want to modify and click the small up/down arrow. To open the calendar, click the larger down arrow. Click OK to continue.
    • In the Budget Options dialog, specify how you want to handle budgets in the new year and then click the Continue button.
  4. If the client uses multiple locations: The Close the Year dialog opens automatically. Choose whether to close all accounts by a percentage or to close locations individually, and then click the Continue button.
  5. In the Year End Close dialog, specify the year end income/loss distributions. You may also choose to close Asset and Liability accounts into other Asset and Liability accounts (for example, Account 120.1 and 120.2 would close into 120).
    • If you choose to close all accounts by a percentage, the total income/loss will be distributed as you specify here.
    • If you chose to close the client's locations individually, another dialog will open where you can specify the income/loss distribution for each location.
  6. Click Continue to accept your entries and complete the year-end close.

See also: Selecting the GL period to process

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