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8.8 CLOSE GL
SELECT GENERAL LEDGER THEN
SELECT CLOSE GL
You can close the general
ledger system up to a certain date in this screen in
ADVANTAGE
Salon Software and
Spa Software.
Closing the GL is
indicating what date you do not want any more data entered prior too.
This is important if you have already generated financial statements and
given them to outside entities like banks and government agencies.
You can close a month by just entering the date that you want to close
for and then selecting the close month button.
Closing the year will
create an end of year general ledger journal entry that will post your
retained earnings into your owner equity account of choice and close the
year. When you select the Close Year button, a report detailing
your end of year journal entry will appear. We recommend printing this
report for your records. If you are satisfied with the report, you can
proceed with the end of year closing and select the POST Year End
Closing button which will close your year end.
You can not enter bills,
checks or bank transactions in prior GL period. You can not enter or
delete journal entries in a previously closed period. You can not
process payroll in a prior period.
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