Closing the Income Statement Accounts

Before running the Close Income Statement batch job, you must close the fiscal year.

To Close the Income Statement Accounts:

  1. To run the batch job, open the Close Income Statement batch job request form.

  2. On the Options tab, specify the conditions of the batch job. For Help about a specific field, click the field and press F1.

  3. When the batch job is finished, select the general journal that contains the closing entries.

  4. Enter one line with a balancing entry that posts the net income to the correct G/L account under owners’ equity on the balance sheet.

  5. Click Posting, Post to post the journal.