Skip to main content

Year End Close

Year End Close​

From the menu select General Ledger > Administrative > Year-End Close

This process will generate a closing Journal Voucher for all revenue and expense accounts in the General Ledger for the company chosen. Revenue and expense accounts are temporary accounts used to accumulate data related to a specific accounting year. These temporary accounts are maintained to facilitate preparation of the income statement and to provide additional information.

At the end of each accounting year, the balances of these temporary accounts are transferred to the capital (closing) account (the Retained Earnings account for corporations). Hence, the balance of the owner's capital account will include on a cumulative basis the net result of all revenue and expense transactions. Note: If you close your revenue and expense accounts to a closing account, then you must make a journal entry moving the balance from this account to your Capital or Retained Earnings account on the first day of the year following the closed year.

Once this process is run, all revenue and expense accounts will have a zero balance for the year closed. If you have already posted transactions to the next year, these balances will not be affected.

  1. Enter the Company number to close.
  2. Select the Year-End accounting period. (Last period of the year being closed.)
  3. Click Process.
  4. If the net income account or another account that is not retained earnings is used for your closing account, then you must move the balance in the closing account to retained earnings via journal transaction entry. This step is completed only if the Closing Account IS NOT the Retained Earnings account. A journal voucher needs to be created for the first day of the period following the closing. EX. If you just closed 1312 and 1312 is December 2013, the journal voucher will be entered with a date of 01/01/14. This journal entry will move the amount in the closing account to the retained earnings account.

Re-Open a Closed Year

To re-open a closed year, follow the steps below:

From the menu select General Ledger > Administrative > Open Close GL Accounting Periods

  1. Enter the company number that you need to re-open, select the last period of the accounting year you need to re-open and change the period's status from Closed to Open, save and log out of DockMaster completely.
  2. Log back in to DockMaster and make whatever changes are necessary, run reports, post the journal transactions.
  3. Close the accounting period.
  4. Re-close the year following the year end close process above.