Open the Books
If you open the books and make changes to existing transactions all reports, statements, etc. will be altered to reflect the new calculations.
- Navigate to the General Ledger page.
- Click Open Books on the left-side menu.
- Fill in End of Month and Year, then click Open.
In the image above, edits could be made from January 1, 2022 and forward.
Close the Books
Closing the books disables editing transactions on or before the close date. This prevents changes that could affect fund statements.
Books can be closed either monthly or yearly, depending on your organization's processes. If you close the books monthly but skip a month or more, the system will close all the months in between. For instance, if the books were closed in January and you want to close them through July, all months in between will also be closed.
Books must be closed to generate fund statements. All entries such as revenue share, admin fees, transfers, checks, and bank reconciliations for the selected time period should be entered before books are closed.
Closing the books for your fiscal year sets revenue and expense accounts to a zero balance for the next accounting period. Asset, liability, and equity account balances are carried over to the next accounting period.
- Navigate to the General Ledger page.
- Click Close Books on the left-side menu.
- Fill in End of Month and Year, then click Close.
Additional Equity Account
As you are closing the books, certain expense or revenue entries may need to be adjusted through equity entries. On a revenue or expense account, an equity account can be designated for any necessary adjustments.
- Navigate to the Accounts page.
- Click the ID of the revenue or expense account to which you want to add an equity account.
- Click Edit in the left-side menu.
- Select an Equity Account for the Close To Equity Account Field and click Save.
