Backup up all your data files and store them off-site or in a fireproof container for your security.

1. Run all your General Ledger reports, especially the Audit Trail and file in a safe place for future reference.
2. If you are running your year end on a date other than the last date of the fiscal year, set the system date to the last day of the fiscal year, and the period to 12 (or the last period of the year).
3. Under General Ledger Year End Processing, select Process Closing Entries.
4. Enter your Retained Earnings Account -- select the account that you want your retail earnings to roll into such as owner's equity, etc. It must be class code 5.
5. Then the software automatically processes the year end and prints out the processes as they occur:
   • Your closing entries will be generated: debit revenue accounts, credit expense accounts, and credit (or debit if loss) retained earnings.
   • The fiscal calendar will advance.
   • Previous year data will be purged from the audit trail.
   • Periods 14 - 19 will be moved to periods 1 - 6.
   • Periods 1 - 12 will move to prior year activity.
   • Prior year data is flagged as 2 years prior.
6. After you're done, you should run and review the following reports:
   • Trial Balance for Balance Forward through Balance Forward -- to confirm that your balance forwards are correct.
   • Trial Balance for all periods that rolled forward. For example, run a Triall Balance for Period 1 and confirm that it matches the previous Period 14.