How to: Close Income Statement Accounts

Before you can run the Close Income Statement batch job, you must close the fiscal year. For more information, see How to: Fiscally Close Years.

To close the income statement accounts

1. In the Search box, enter Close Income Statement, and then choose the relevant link.

2. In the Close Income Statement window, on the Options FastTab, specify the conditions of the batch job.

3. Choose the OK button.

   When the batch job is finished, you must close the accounts.

4. In the Search box, enter General Journals, and then choose the relevant link.

5. Select the general journal that contains the closing entries.

6. 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.

7. On the Home tab, in the Process group, choose Post to post the journal.

See Also

Tasks

How to: Fiscally Close Years

Other Resources

Close Income Statement