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Year end routines (closing/opening books)


Gil121438

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  • 6 months later...
  • 1 year later...
On 6/27/2018 at 9:58 PM, Gil121438 said:

I just purchased "express accounts" and need to know how you close the books at the end of the year and open the accounts for the new year

Gil121438

I think before you can close of any account for year end it should be done through a general journal transaction.  Expense accounts will be required a credit amount and then apply the dr amount to balance it to where ever it needs to go. 

 

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  • 2 years later...

I'm not sure why you do it, but I know that everyone should do something unique at the end of their years. It makes them feel special and different from other people. I've had a few ideas over the years, some successful and some not so much, eg. I got Book Writing Services on the internet that  give me best results. For instance, I would like to make a big list of all my accomplishments in life and then write down every single person who helped me achieve these things. Then I would go through each one and thank them personally for their contribution.

Edited by JaxonBainton
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  • 1 month later...

Hi @Gil121438

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.
 

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