Year end Journal

I am trying to close my year and when I do this I get a list of journal entries but they don’t match so the balance is the P&L account figure which I entered manually and it all seemed to be great and carried forward the correct P&L amount. However this journal entry also deleted all the entries on my Chart of Accounts for that year, especially the Sales and overheads items, what am I doing wrong?

The year-end journal doesn’t deleting anything, it just moves the balance by way of a new journal. Effectively it will total all activity on your P&L and move it to retained profits (3101). After commiting this journal it will lock the accounts up to your year-end date.

How did you enter the P&L figures manually? Do they reside in the accounting year you’re trying to close.

Glenn, Thanks for the reply. I added them manually from the previous year year end June 2014 as we had never actually closed it down and it balanced the year end journal so I could close it My profit figure is now showing properly on my June 2015 P&L and BS. The chart of accounts for 2014 is not showing any sales now What I have done now is not close down to June 2015 but exported the Chart of accounts and it seems fine. I assume I close the year down when I want to work on the next year?

OK I think it’s probably outside the year your closing. Normally you’d close your years in order, so you’d start by closing 2014 then move on to 2015. Whatever you do with the QF y/e process, it is just a journal so you can always rollback if you need to.

You close it down when you’re sure everything is finished for that year. Once closed the system locks you from posting anything into that period. But as I mentioned if you need to unlock again it’s not difficult, you just remove the year end journal.

Many thanks, I think I have it sorted for the moment anyway!

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