Skilled Nursing Facilities

Year End Procedures - Pre-Closing Tasks

It is recommended that you print and review your chart of accounts before beginning the closing process. To view your Chart of Accounts, click Setup from the GL/AP menu, and under General Ledger Setup, click G/L Chart of Accounts.To print the chart of accounts, click Printable View.

Review this report to ensure that the account type is correct for all account numbers (e.g. an asset account such as A/R has an account type of Assets). This is important, as the year end close function automatically closes out all accounts with an account type of Income or Expenses against the Retained Earnings account.

You should also confirm that the Retained Earnings account in the GL configuration is correct. The automatic closing entry uses the specified account number.

  1. From GL/AP > Setup, click G/L Configuration from the menu options.

  2. Next to the Retained Earnings account, verify that the correct number is specified. If it is not correct, click clear, retype the account number, and click Save.

It is also recommended that you run a G/L Trial Balance before you close the year to keep for your records.

The G/L Trial Balance report shows the Net Income (Loss) for the year at the bottom of the report. This should be the dollar amount that is automatically adjusted out to the retained earnings account when you close the year.

  1. To run the G/L rial Balance Report, click Reports from the GL/AP menu.

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

  3. Select the appropriate Fiscal Year and Fiscal Period 12. Leave Accounts detail All checked. Leave all other boxes cleared.

  4. Click Run Report. From there, you can send the report to the printer.