Closing the Fiscal Year in Basic Builder

 

·   First, make sure that all General Journal entries have been made for the last month of your Fiscal Year and that your Bank Statement is in balance.  Also be certain that all postings have been processed in GL for the current month. (Remember, you can not re-open a month or year in Basic Builder.)

 

·   Second, print a Trial Balance Sheet and Trial Income Statement for the last month of your Fiscal Year.  If your books are balanced, the proof on each report will be the same number (One negative and one positive.)  As long as these numbers match, go to GL => Process => Close Period.  Closing the last month in your Fiscal Year will automatically close that Fiscal Year.  Basic Builder will post the profit and loss from Period to Year-to-Date.  You can choose to manually post the Year-to-Date Profit and Loss to Retained Earnings now or specify that it be posted as the first entry of the next Fiscal Year.

 

   When the proof for the last month in the Fiscal Year does not match

 

1. Review all audit trails for the month. One reason for the mismatch could be a Process of a GL posting resulted in a “PROOF NOT EQUAL TO ZERO” error.  Click here for more information on that error message.

 

2. Print a GL Posting Preview report to determine if there are any entries for the month have not been posted.  Enter any missing GL postings into the General Journal. 

 

3. Go to GL => Process => Posting to process any unprocessed postings for the month.

 

4. Once you feel you have found the problem, try to close the month again and see if the proofs match.

 

[Back]