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.
- With a project open, select theSettingstab.
- Select a period in the next fiscal year in theCurrent Periodfield to open theYear End Closescreen.
- Choose to zero out existing account balances, or distribute net income to one or more equity accounts.
- SelectClose Yearto zero out account balances for income and expense accounts and transfer over balances for all other accounts.
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- You can select theEdit Contactlink in theSettingstab, or go to tab to advance the period to the next fiscal year and open theYear End Closescreen.
- 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.
