- Select the Close accounting period menu item.
- You access Close accounting period. The following fields are relevant:
- Period to be closed
- The system proposes the last period of the year to close.
- Create opening bal
- NO is defaulted from Work with languages, meaning that the opening balances will not be created as transactions (journal vouchers).
- Note: The system displays a message at the bottom of the panel – “Pressing F8 will interactively check balance for all of your trade accounts.” The system always displays this message. It is not an error message.
- This means that the system will check if your trade accounts are nil balanced. This will be done interactively which means that the system will lock your panel and perform the task while you are waiting. (This might take a while.)
- When your trade accounts are not in balance you return to Close accounting period with the amount difference. You must post this difference before continuing with the year end closure.
- When your trade accounts are in balance you will again access Close accounting period where you can enter the printing parameters for the G/L closing balance and G/L opening balance lists.
Click Execute to perform the balance check and continue with the year end closure.
Click OK to perform the year end closure.