Tax & Accounting Blog

Quick Tips for Closing the Year in Accounting CS

CS Professional Suite Accounting & Auditing Solutions January 9, 2014

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Here are some quick tips to remember when closing the year for your Accounting CS clients.

  1. When closing the year, be sure to move the posting period to the correct year. The years available for selection are based on the years specified in the Period End Dates dialog and can include one future year and an unlimited number of prior years.
  2. Accounting CS prompts you to carry forward tickmarks. When you mark the Carry forward tickmarks checkbox, Accounting CS will copy all tickmarks associated with a general ledger account within the source period to the destination period.

    Note: If you have worked in the destination period at any time, the program will advance the period without displaying this prompt.

  3. In the Year End Close dialog, specify how you want to handle budget amounts in the year to which you are advancing. Then, choose any applicable closing options and click OK.
  4. If the Zero account balances checkbox is not marked, a subsequent Year End Close dialog opens. In this dialog, you can distribute net income to one or more equity accounts and close balance sheet accounts from one account to another.