General Ledger Closing

Every year we receive at least one or two calls when clients start closing their books for January.  The calls typically sound like this "I have everything posted for January however when I run my January Statements in FRx Balance Sheet accounts are all wrong".  This is typically the result on not running the General Ledger Closing Process.  This process will roll the Balance Sheet accounts forward and close the Revenue/Expense type accounts into the Retained Earnings account.  If you have any questions about the closing process or would like our assistance please feel free to give us a call.  If you are going to close the system yourself we have provided a KB article that will walk you through the steps.
http://www.verticalsol.com/documents/Year%20End%20Closing%20Procedures%20for%20General%20Ledger.pdf

Please make note of the most important step of all "MAKE SURE YOU HAVE A WORKING BACKUP BEFORE YOU DO ANYTHING".