Year End Routines

Closing of Income Statement

GoldFinch follows the “soft closing” method to simplify Month-End and Year-End activities. As a result, the Year-End Closing of Income Statement step is not needed in GoldFinch.

Read Month-End Routines to understand how to prevent users from posting into the closed months, and how to allow specific users to post in previous months.

When running the Balance Statement, GoldFinch will automatically calculate the Current Year Earnings and the Retained Earnings using the Account Current Year Earnings and Account Retained Earnings defined on the Company Setup.

You are not allowed to post into the Account Current Year Earnings and the Account Retained Earnings directly. You must not have any GL Entries for these two GL Accounts.

If you have a retained earnings balance from your previous system, you must create a separate GL Account for the carried-over retained earnings amount.