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Year End Journals and Process

I entered Opening Balances based on the last year’s closing balances. Do I need to run Year End Process? Doesn’t the year end process automatically move my Profit & Loss to Retained Earnings automatically? What should I enter here?

Could someone advise on these entries?

It depends whether the closing balances from last year included any P&L codes or if those had already been moved to retained profit in your previous system. That is what the year end process does - it zeroes all the P&L codes and moves the balance to retained profit. If you’ve tried running year end and it’s coming up as zero then that means there’s no P&L in your opening balances so you don’t need to run the QuickFile YE.

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