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Before you can run the Close Income Statement batch job, you must close the fiscal year. Learn more in Fiscally Close Years.
Steps to close income statement accounts
Choose the
icon, enter Close Income Statement, and then choose the relevant link.On the Close Income Statement page, on the Options FastTab, specify the conditions of the batch job, such as the Fiscal Year Ending Date, and the Gen. Journal Template and Gen. Journal Batch to post the closing entries to.
Optionally, specify a Retained Earnings Acc. so that the batch job automatically posts the balancing entries to that account. Use Post to Retained Earnings Acc. to choose whether the balancing amount is posted as a separate line per account (Details) or as a single summarized line (Balance).
Choose the OK button.
When the batch job is finished, you must post the closing entries.
Choose the
icon, enter General Journals, and then choose the relevant link.Select the general journal that contains the closing entries.
If you didn't specify a Retained Earnings Acc. on the batch job, enter one line with a balancing entry that posts the net income to the correct general ledger account under owners' equity on the balance sheet.
Choose the Post action to post the journal.