Preliminary Year End

Documentation Table of Contents

Use this screen to run the preliminary year end process. It can only be run when last year closed is 'Y' and you specify the new start of year date when you run it. It sets the year start date in the company, set last year closed to 'N', and does a transfer of all income statement balances to the retained earnings account with a date of 12:00AM on the start of year date. There is a transfer per store and you can see the current year end transfer number in the store master. The transfer is just a general ledger posting.

After the preliminary year end process is run, if you post a new transaction in to the last year and it involves income statement (profit and loss) accounts, the transfer for the store is updated to transfer the balances to retained earnings.