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Using this, it is possible to close the ledger for the current month or for the entire year up to date. Select the appropriate menu item to perform the desired task.
If Close Month is selected, the end-of-month procedures will be performed. Select the month from the list. Once initiated, this command will cascade the current balance of each account to the opening balance of each account for the next month. Closing a month with an account containing $400 will cause the opening balance for the next month to be $400.
Closing a year performs a similar operation; each end-of-year balance becomes the opening balance for the next year. In addition to this, the Close Year command will add the current earnings to the retained earnings and then set the current earnings of the new year to zero.
