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Close the books disables the ability to edit transactions on or before the close date. 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 months in between. When the books are closed for your fiscal year, it sets revenue and expense accounts to a zero balance for the next fiscal year. The net surplus closes into the user identified net asset account. If changes need to be made to the financial records, you may open the books to make the change.
Close the Books
The books cannot be closed for a period if there are any undeposited transactions (revenue, expense, journal entry, payment, or deposit) within the date range being closed.
Closing the books locks in financial records up to the date selected. This will prevent any edits from being made to financial records during the closed period.
- Navigate to Accounting and click Journal Entries on the navigation bar.
- Click Close Books.
- Select a Date.
- The Historic Close Date is the date the books were last closed in the system used prior. Manually enter this date into the system when you close the books for the first time.
- If you do not have a historic close date from your previous system, enter the date you are closing the books in the system for the first time. This date will display on the screen, along with the previous close date, each time the books are closed.
- Select a Year End Journal Account from the drop-down menu, and then click Submit.
- The Year End Journal Account only appears when you are closing the books the last month of the fiscal year.
- The Year End Journal Account only appears when you are closing the books the last month of the fiscal year.
Open the Books
Opening the books allows you to make changes to the financial records.
- Navigate to Accounting and click Journal Entries on the navigation bar.
- Click Open Books.
- Select a Date, and then click Submit.
- The books will open on the first day of the month you choose.
- The books will open on the first day of the month you choose.