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 Fiscally Close Years.

To close the income statement accounts

  1. Choose the Search for Page or Report icon, enter Close Income Statement, and then choose the relevant link.
  2. On the Close Income Statement page, 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. Choose the Search for Page or Report icon, 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. Choose the Post action to post the journal.

See Also

Fiscally Close Years


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