Clear and Close Accounts

Use the Clear and Close Accounts routine during Year-End processing to clear revenue and expense accounts to the Clear To Accounts specified for retained earnings. For each income and expense account, the routine zeros out the account by crediting or debiting the account for the amount of the account ending balance. It offsets the credit or debit with a balancing transaction to the Clear To Account Number, which is the number of the retained earnings account. The clearing journal entries are posted to period 14, the closing period.

Tips:

Some organizations, such as municipalities, do not run the Clear and Close routine because the auditor provides the closing entries along with the adjusting entries.
The routine generates the clear and close entries with a Journal Code of G.
If you see the following message, then you may be running the routine out of sequence. If you need additional help, contact NDS Support.
To see an example of the report, click Clear and Close Accounts Report Sample.

Directions:

To open click Year End from the menu. Then click Clear and Close Accounts.

Tip: Or, use the keyboard shortcut: [ALT] [y] [c].

Clear and Close Accounts Window Example:

Clear and Close Accounts Prompt Options
Fiscal Year	Select the fiscal year for creating clear and close entries.
Clear & Close Period	Displays period 14 for the journal entries that clear and close the income and expense accounts.
	To run the routine and begin printing, click Proceed or press [ENTER]. Keyboard shortcut: [ALT + p] To run the routine and print to the Print View screen, click Print View . Or to escape from the routine, click Cancel . Keyboard shortcut: [ALT + c] Or, click Close .