Jump to content


  • Posts

  • Joined

  • Last visited

Chip's Achievements


Novice (1/7)



  1. If you have the "fiscal year-end" set to the last day of your accounting year, the software will zero out all temporary accounts (income and expense) and close them to retained earnings. If you have inventory as an asset, you must manually close the inventory and purchases accounts to cost of goods sold. The software will not do this for you. I.E. Debit INVENTORY with the end-of-year inventory amount; credit INVENTORY with the beginning-of-the year amount; credit PURCHASES with an amount equal to its debit balance; and balance the entry with a debit to COST OF GOODS SOLD. No charge for this advice.
  • Create New...