G/L END OF YEAR
******(If you are not using the General Ledger, you do not have to do this yearly procedure to close out the G/L.)
Close out the 12th month of the fiscal
year, making sure to run the GLS to set up for new
month. Do not make any adjustments after the close of the 12th
month and GLS has been run.
Run the GLCR
("Close to Retained Earnings") program to close to retained earnings. Adds
current years earnings to retained earnings. Adjusting entries cannot be made
in the 13th period; all adjusting entries need to be made in the 12th
Run the GLTB
("Trial Balance") program, and make sure the General Ledger balances. For the
current period, enter <13>. Do not make any adjustments in the 13th
Run the GLIS
("Income Statement") program. (Optional)
Run the GLBS
("Balance Sheet") program. (Optional)
Run the GLS
("Set Up New Month") program. This program MUST be run.
Run the GLHU ("History Update") program to update the history files.
This program MUST be run.
It moves the current years totals to last years totals.
Changes the last completed fiscal period to zero.
Deletes last year's history.
Note: If you need a copy of any of the history accounts, you will need to print the “History Year” in GLI before GLHU is run.
Note: Make the end-of-year adjusting entries in the 12th period before closing the month, or as prior-period entries after end of year has been run. You cannot make entries in the 13th period.