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Home > Year-End Procedures > General Ledger

There is little you need to do in Execu/Tech's general ledger system to "close" your year. 

You should be printing a balance sheet each month (or more often) to make sure you are in balance. 

You should print a profit and loss statement regularly to make sure your figures look accurate. 

General ledger batches should be updated daily or as often as possible at all workstations containing general ledger postings.  Make sure the batch created at night audit is updated daily or as often as possible.

You can print a city ledger (direct bill) customer aged trial balance and make sure the TOTAL matches the ending balance in your general ledger A/R City Ledger account.

You can print an accounts payable trial balance (ageing/cash requirements) report and make sure the TOTAL matches the ending balance in your general ledger accounts payable account.

DO NOT post to the two account numbers defined in your general ledger control file setup in the fields, "current year profit and loss account" and "prior years profit and loss account".   These two accounts should be empty - no transactions should be in them.  The system uses these two accounts internally when calculating current year profit and loss and prior years profit and loss.  If you post to these accounts your trial balance reports will not be accurate because they will show what the system calculated plus what you entered.  If you have a separate "retained earnings" account (separate from the prior years profit and loss account) you should consult your accountant prior to posting.

You should print your general ledger reports regularly.  If something has been out of balance for months and months, Execu/Tech cannot assist you in finding the discrepancy.

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Last Modified
 12/26/2013 4:16 PM