Year End

System–Yearend menu does the period closing in MyLedger. It creates a GL transaction which clears the income accounts and posts the difference (which is income or loss) to the specified retained earnings account.

Please note:

• Year-end process can be run daily, weekly, monthly, quarterly or yearly.

• The year-end GL transaction is not included in the income statement which covers period containing a closing transactions.

• The year-end GL transaction can be viewed through GL reports and edited or deleted as required.