Printing Financial Statements
Financial statements should be printed at the end of every month and made available for review by your financial advisor and accountant.
To print the financial statements, select “Reports” from the “Navigation Bar”.
The following financial statements should be produced at the end of every month.
Balance Sheet
Income Statement
Trial Balance
Journals
General Ledger
Checking Account Reconciliation
The checking account should be reconciled on a monthly basis.
See the Files Reconciliation section for more information.
To reconcile your checking account, select “Files” and then “Reconciliation” from the “Tool Bar”.
After the checking account is reconciled:
Print and safely file the outstanding reconciliation report.
Print and safely file the reconciled reconciliation report.
Failure to reconcile your checking account may result in inaccurate financial statements.
Closing The Year
The general ledger may have 2 years open at one time, the current year and the prior year.
See the Files Close the Year section for more information.
To close the year, select “Files” and then “Close the Year” from the “Tool Bar”.
At the beginning of a new accounting year:
You must select to “Start a New Year”.
After you have made year end adjustments to your prior year financial statements:
You must select to “Close the Year”.
Failure to “Start a New Year” and “Close the Year” may result in inaccurate financial statements.