IMPORTANT: IT IS IMPERATIVE YOU CLOSE YOUR OLDEST OPEN YEAR PRIOR TO JANUARY 1st OF A THIRD YEAR. Because you can only have two years open at one time, if you have more than two open years, Studio Designer will date all new forms (invoices, orders, etc) and general ledger entries for the last day of the month of the latest open year. After you actually close your oldest open year, you will need to manually go back and change the date on the general ledger transactions to the correct date. You will not be able to change the date on forms (other than proposals).
PERMISSIONS: In order to have the access to the Close the Year feature, you must have the "Employee Permissions" box checked under the Permissions tab in your Employee Profile
To access Close the Year, click on Accounting from your left-hand menu and select "Close the Year"
Before you close the year:
- Accounts should be reconciled and financial statements printed at year-end.
- Your CPA may have adjustments for you to enter and then you will close the year.
- You can only have two active years open at one time.
The following are the steps to closing the year:
- Reconcile all Bank Accounts.
- Reconcile all Credit Card Accounts.
2. Print Financial Statements
- Print Balance Sheet.
- Print Income Statement.
- Print Trial Balance.
- Accounts Receivable
- Accounts Payable
- Client Deposits
- Vendor Deposits
Optionally print the General Ledger detail for each month.
3. Make Year-End Adjustments
- Enter Adjustments from your CPA.
4. Select "Close the Year."
Select the Close the (2019) Accounting Year button to close the year.
Note: Closing the year only closes the general ledger, you can still update items and all related forms that you could update prior to closing the year.
- After the year is closed it cannot be reopened.
- No entries can be made to a year after it is closed.
- When you close the year, you will only be closing for one year.
- The year that you will be closing is displayed at the bottom of the screen.