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 entry transactions usually are posted to Period 14, the closing Period, although you can specify any period you want.

For additional information, click More.

Directions:

To see directions for...

• Opening the Clear and Close Accounts routine, click More.

   

  • Basic Method (from the G/L Module):

  1. Click Year End from the Menu Bar.

  2. Click Clear and Close Accounts.
     
     Tip:  Or, use the keyboard shortcut:  [ALT] [y] [c].
      

  3. Advanced Method (from another NDS Module):

  1. Click General Ledger from the Menu Bar.

  2. Click Year End.

  3. Click Clear and Close Accounts.
     
     Tip:  Or, use the keyboard shortcut:  [ALT] [g] [y] [c].
     
     Note:  To activate the General Ledger menu in another module, the G/L Application Control must be set up for the module during installation.

   

  Clear and Close Accounts Window Example:

  

   

• Choosing the selections at the prompt window, click More.

   

  Clear and Close Accounts Prompt Options Tip:  To see more information about a field, click the hyperlink for the field name.
  Clear & Close Period	To specify the Period for the journal entries that clear and close the income and expense accounts, click the Period in the drop-down list. Required Tip:  Most facilities use Period 14 for the year end closing period. Warning:  Use extreme caution if you use a Period other than Period 14.  The first step of the Clear and Close routine is to initialize (clear) the specified Period.
  Clearing Step Number	To limit the Clear and Close to a specific group of Account Numbers, enter the Step Number.  (2.0 numeric) Tip:  Leave blank to specify all Steps.
  	To run the routine and begin printing to the Windows® default printer, click Proceed or press [ENTER]. Keyboard shortcut: [ALT + p]
  	To run the routine and print to the Print View screen, click here.
  	To escape from the routine: Click Cancel. Keyboard shortcut: [ALT + c] Or, click Close .

   

• Report Sample(s), click More.

   

  To see an example of the report, click Clear and Close Accounts Report Sample.