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Trial Balance

Year End Close

You can close the year for a contact in the current fiscal year when the contact has accounts with activity and/or adjustments.
  1. With a project open, select the
    Settings
     tab.
  2. Select a period in the next fiscal year in the
    Current Period
     field to open the
    Year End Close
     screen.
  3. Choose to zero out existing account balances, or distribute net income to one or more equity accounts.
  4. Select
    Close Year
     to zero out account balances for income and expense accounts and transfer over balances for all other accounts.
note
  • You can select the
    Edit Contact
     link in the
    Settings
     tab, or go to
    Setup
    Clients
    Periods
     tab to advance the period to the next fiscal year and open the
    Year End Close
     screen.
  • You can add equity accounts from this screen.
  • If you choose to open the contact in the previous fiscal year to make changes, then return to the next fiscal year, you'll need to perform the Year-End Close process again.
  • If the Adjusted Year To Date balance is out of balance, we show a message letting you know this has to be corrected before Year-End Close can proceed.
  • If there are accounts that are not grouped to an Account Classification grouping code/subcode, we now show a message letting you know this has to be corrected before Year-End Close can proceed.

This article applies to:

  • PRODUCT: Onvio
  • Subject: Trial balance
  • Audiences: Staff