The General Ledger End of year process is found under the General ledger Menu. Only certain persons in the organization should see this option- as permission would be needed in the person’s profile. The End of Year process should NOT be done until your accountant has done end of year adjustments. After this is finished, the period will be locked down so no one else can post transactions to that year.
Please watch the video below for instructions on how to complete the End of year in G/L:
Key Steps
Go to the general ledger section in the menu.
Select "End of Year" from the menu options.
Check off the following tasks:
Completed bank reconciliations.
Run AP As of the End of year.
Run AR aging as of the end of the year.
Check inventory schedule as of End of year.
Run the balance sheet and ensure accuracy.
Run the income statement and verify accuracy.
Journalize out distributions.
Ensure all tasks are checked off before proceeding.
Select the year to close from the drop-down menu.
Verify dates and click the button to run the end of year process.
Cautionary Notes
Do not proceed with the end of year closing if any of the essential tasks are incomplete.
Double-check all financial statements for accuracy before finalizing the process.