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General Ledger

Close the general ledger after you have closed all the other modules.

Make a back-up of your company database

All other users of the company need to be logged out of that company.

If closing to retained earnings using divisional retained earnings ensure that a retained earning account exists for each unique value in the divisional segment.

Ensure unit accounts that need to roll forward or reset to zero are marked accordingly in unit account maintenance.

Let the close process run to completion.  Even if the process bar appears to stop.  There are 7 steps in the year end close process.

  • All Accounts marked as Profit and Loss will have their balances moved to retained earnings.
  • All Accounts marked as Balance Sheet will have their balances roll forward to the next accounting year.
    • Ensure that all accounts are set with the correct Posting Type.
    • Prophet can assist you with smartlists that can quickly check this for you.
  • If you do not check the Maintain Inactive Accounts box in the year end close window then Inactive accounts with no balance and no historical transactions are removed.
  • The year that was just closed is marked as historical
    • Great Plains allows you to post entries one historical year back.If you need to post something to two years ago consider waiting to close the year.
    • Reverse Year End functionality alieves the need to not close as you can reopen years as needed.
  • Analytical Accounting is closed if installed.
  • If you are using currency translation as part of a multicurrency consolidation enter any new values required for the newly closed year.

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