Close current period

Prompt displays period number and ending date of period to be closed. 

Press 'Yes' to continue the closing.

Close Processing Steps

• Calculates trial balance, insuring ending balances include all posted journal entries.

• Ending account balances are set as next period's beginning balances.

• Journal entries are copied to year to date and schedule history tables.

• Ending balances are saved in current year table for comparison period reporting.

• Period number is incremented

• Ending date, for the period number lagging three periods, is incremented one year.

• Unchecks 'Copied this period?' for all recurring journal entries.

• Auto-reversing journal entries are made for next period.

• Year end processing:  Close revenue and expense account balances to retained earnings.

• Year end processing:  Copy year to date journal history to life to date journal history.

• Year end processing:  Copy current year period ending balances to life to date balances history.

NOTE:  Always make a database backup before running this command.  It would be impossible to recover the database to a "normal state" should this command abend, and the database's rollback logic also fails.