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End of year


MCGCS
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I have customer that I helped setup Express Accounts on to me for the last 2 days about "where is the option to do the End of Year".

 

I had to tell them that I can not find it as well. Is it me or have they move it or renamed it.

 

As I am typing this I am also thinking it is soon time for me to do my end of year as well. If this is missing it will be a very big bug for a lot of us.

 

I am using version 4.44 and also my customer is

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  • 4 months later...

Hi I am facing the same problem and don't have an option in version 4.62 to close the year end. The importance is to clear the income and expense accounts for the new fiscal year and specially reflect the retained earning in the capital. Any help is appreciated.

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  • 3 weeks later...

Hello

 

I have the version 4.72. I ask myself if I have to face the same problem about year-end closing.

 

<_< .?I mean is there a specific procedure in the menu to run the year ending closing or by filling in the date in the option "Fiscal year end:", it will be processed automatically

 

What 's happened when enabling Closed-to-date option ?

 

Thanks for your assistance. ;)

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  • 2 weeks later...

In V4.79 I dont see a Company tab in Options, the fiscal year setting is under the 'general' tab in Options. In the General tab you are presented with Compant Details.

 

Does this help if you havent already found it.

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  • 3 months later...

I have found the 'enable closed-to-date option in the options, general tab and it would appear to work so that you cannot post anything prior to the closed-to-date you have entered.

 

This does not however give an 'end of year' clear down - looks like you have to go through each of your accounts and enter a zeroing balance - is this the case ? have i missed something?

 

Cheers

Sandra

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I posed the same question as a pre-sales question and received the following response from NCH:

 

Express Accounts runs on a rolling year. That is to say, there is no function in which to end or close a financial year at its conclusion. Unlike some other accounting software products, Express Accounts does not work on current year earnings and retained earnings basis, but rather the retained earnings account is an ongoing account that records any money earned or lost during previous financial years in addition to current year earnings. This means that the retained earnings account in Express Accounts is a record of all the money to date that the company has earned.

 

Not the answer that I was hoping to receive, but I can create a journal entry to clear the sales and expense accounts and dump it to a retained earnings account. I really hope that this is corrected in the near future. For all of the nice features that Express Accounts has, this seems to be a real miss in my opinion.

 

Hope this helps.

 

Kevin

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  • 2 years later...

I totally agree with Kevin. I'm not an accountant though. Lacking this feature would pose a real problem when generating the subsequent year's balance sheet IMO.

 

I have been using EA for almost 2 years and I think I'm gonna face this problem by end of this year.

 

Looking at other accounting software soon if the developer is not feeling that this feature is important.

 

My friend who is helping me with my accounts is urging me to change accounting software asap.

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I am just about to start using this software package and my first question was does it have a year end function, because I am having to go back three years and separate them. Has this problem by any chance been resolved as in it being changed to a possible year end in stead of a running set of books. I got quite excited at the thought of using express but now thinking I might have to go back to considering another package

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  • 4 months later...
On 5/22/2013 at 10:55 AM, N_C_H_OMG said:

I found the 'fiscal year end' settings in 'Options -> Company' tab.

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.

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I need to close Dividends Paid to Retained Earnings and then close Retained Earnings to Shareholders' Equity at fiscal year end so that we have a clear picture of the current state of the equity and the annual performance of the company.  I believe that Express Accounts uses a "rolling year" and so both Retained Earnings and Dividends Paid are cumulative since the start of the company.  I could handle the problem using journal entries and a couple of new accounts if only Retained Earnings and Total Equity were actual accounts that could be interrogated and modified.  However, they are not.  It appears that they are each computed when needed and so I cannot access their values.

Has anyone found a way to access (read and modify) Retained Earnings and Total Equity?

Has anyone attempted to modify the code for the Balance Sheet?  I could make a modified Balance Sheet do what I want through careful use of Journal entries, I think.

This is a major problem for me.  Without a solution, I will have to change accounting packages.

Thanks for your time.

Peter

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