on the toolbar and then select "Regenerate Closing Entries." The Regenerate Closing Entries Wizard is initiated.Before closing a fiscal year for a fund, you will generate its closing entries, which consolidate the balances of most of the fund’s revenue and expenditure accounts into your retained earnings account. This allows the fund to begin the new fiscal year with zero revenue and expenditures.
Most accounts usually close to the same retained earnings account, which is usually account 2810, Unreserved Surplus. However, different general ledger accounts can have different closing accounts.
You identify the closing account for each general ledger account by using its Close To Account field. This field appears on the Main tab of the Maintain Accounts screen and on Step 3 of the Add Account Wizard.
You use the Generate Closing Entries Wizard to generate closing entries for funds.
| 1. | From the Main Menu screen, click CLOSING. The Manage Period Closing screen appears with all funds displayed in a table. Also displayed is the last closed fiscal period (the fiscal period number of the fiscal year) for each of your agency’s funds. |
| 2. | Click on the toolbar and then select "Regenerate Closing Entries." The Regenerate Closing Entries Wizard is initiated. |
| 3. | Select the fiscal year for which to generate closing entries. |
| 4. | Click START to continue. |
| 5. | Check the checkbox(es) of the fund(s) for which to generate closing entries. General Ledger will automatically generate the closing entries for this fiscal year for each fund that you select. |
Hint: Click 
to check all checkboxes; click 
to uncheck all checkboxes.
| 6. | Click NEXT. Review and confirm the information you set up and then click FINISH to generate the closing entries for the selected funds. |
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