Understanding the Annual Close Program

When you run the Annual Close program to close a fiscal year, the system produces a report that lists the company that was closed, and the retained earnings account and amount. Use this report to verify that a company closed successfully.

By setting a processing option, you can print a detailed list of the accounts and balance amounts that are used in the retained earnings calculation. This is useful to research an incorrect retained earnings amount. The detailed list for retained earnings can be lengthy. Do not print it unless you have to research the retained earnings calculation.