Close of Year
GLCR - Close to Retained Earnings
To close out your general ledger for the year you need to first close out the final month (12) and run GLS. If you are on a yearly fiscal year this would be December. Do NOT make any adjusting entries after GLS has been run for the 12th period. Then run the close to retained earnings - GLCR. This moves the profit for the year to the retained earnings account.
Run the trial balance using the GLTB program. When prompted for current period enter 13. This program MUST be run. You may then run the income statement - GLIS, and the balance sheet - GLBS, but they are optional.
You MUST run this program using the GLS program.
You MUST run this program using the GLHU program. This sets the month to zero and moves the history to last year. You will now be set to start the new year's entries. Note: Last year’s history will be deleted when you run GLS for the first month of your fiscal year. You should print any accounts that your accountant might need to
make end of the year adjustments, if entries have not already been made.