A. Yes. The GL year-end closing process is very simple, but it's important to following the process exactly in order to make sure you archive data adequately.
- Before processing, you should archive your data. Please refer to another article -- "How to Archive GL Data Before Year-End Closing Procedure."
- Check Accounting Period file -- For example, let's say you would like to close the year 2013 (12/31/2013).
- Without Temporary Year-End -- The Accounting Period should be in the year 2013 (i.e., 1/1/13 to 12/31/13).
- Temporary Year-End Procedure has already been done -- The Accounting Period should be in the year 2014 (i.e., 1/1/14 to 12/31/14). This is very important!! Do not change your fiscal year back to 2013.
- Field# 1. Allow Out Of Balance Posting? = enter "Y"
- Field# 7. Create Retained Earnings Transaction In The Gen-Jnl-Trx File At Year End? = enter "Y" and insert proper Retained Earnings chart account.
4. Now you are ready to proceed to Year-End Closing from the GL/Processing/Year-End Procedure.
- Without Temporary Year-End -- Select "F" (Final) and answer "Y" to start closing.
- Temporary Year-End Procedure has already been done -- Enter "Y" to start closing.
6. After posting your Retained Earning:
- Change "Allow Out of Balance Post?" back to "N" in GL Setup.
- Make sure Fiscal Year on new year (i.e., 2014) in Accounting Period.
- Run (2014) First Month of Summary Trial Balance to make sure the "Beginning Balance" is in balance (Grand Total = 0.00).