14.1 Closing Procedure

coreman20000000.gif Run Closing, Trial Close of Accounting Period.

coreman20000000.gif Check the correctness of the account balances by printing and studying the various closing reports. In particular, check the Trial Balance report under the Reports, General Ledger menu to make sure the Debits equal Credits. The balances on the Income and Balance Sheet report should be correct.

coreman20000000.gif Run Closing, Final Close of Accounting Period.

coreman20000000.gif Print the Income and Balance Sheet report and any other financial and / or auditing reports desired.

Although it is permissible to have more than one period open at a time, balances accumulated by the Trial Close process are accurate only if the Final Close process has been run on the previous period.