General Ledger - Update Closing Accounts
The default closing account should be set up in Settings: General Ledger Settings. The default closing account may be changed for an individual account in the GL Account Master or as a group using Update Closing Accounts.
When End of Year Processing is run, accounts that have a statement type of Profit and Loss Account will have their balances transferred into the closing account indicated on their GL Account Master view. Review the GL Account List (NAVIGATION: Lists menu > General Ledger Lists > GL Account List) as it shows the closing account information.
NAVIGATION: TOOLS menu > Update Closing Accounts
- Enter a general ledger account number in the Starting Account field to begin the range of GL account numbers to add or change closing account information on.
- Enter a general ledger account number in the Ending Account field to end the range of GL account number to add or change closing account information on.
- Enter the correct general ledger Closing Account number in the field.
- Select or enter segment Filtering values, if applicable.
- Example: If you want to update only the accounts with the third segment "Department" = 505 to closing account 10-2800-505.
- Enter 505 for the segment filter in the third segment. Repeat the update process for each "Department" value.
- Press UPDATE
- Review the changes to the general ledger closing accounts.
General Ledger Closing Account Numbers may also be assigned and maintained in the GL Account Master.
11/2023