Skilled Nursing Facilities

From GL/AP Portal, under the Current Posting Period section, click Close Fiscal Year (G/L).

The Task Checklist is a reminder of the necessary tasks to be completed before the year end closing process continues. The tasks are:

When all tasks are completed and selected, click OK. A Close Fiscal Year message box appears. It indicates the fiscal year you are closing. 

Select the Show Report, and click Close Fiscal Year. The year end close automatically generates and posts the journal entry to close out all Expenses and Income accounts against the Retained Earnings account. The report shows the details of that closing entry. It also closes out/resets all Days/units accounts to zero. The report with the closing entries appears on screen. You may want to print this for your records. 

After you close the year, it is recommended that you run another G/L Trial Balance to ensure that the net income figure at the bottom of the report is zero.

1. Click Reports from the GL/AP menu.

2. Under G/L Reports reports section, click G/L Trial Balance.

3. Select the fiscal year you closed and Fiscal period 12. Leave Accounts detail all checked. You must select to check the Include Closing Period box.

4. Click Run Report. The report appears and the Net Income (Loss) should show as 0.00, as the closing entries moved the net income or loss to the Retained Earnings account and all expense and income accounts do not appear, as they are closed. Send the report to the printer if you want a printed copy.

The year end close process is complete.