Year End Closing Journal Entries
Use this form to generate fiscal year end journal transactions to close out all revenue and expense accounts into an income summary account. The generated transactions may be further modified and posted in the same manner as other journal entries.
A journal transaction is also created which shows the net income (the sum of all the year-end transactions). The transactions are generated to the journal only, and not posted to the ledger. The transactions must be posted to complete the year end procedures.