Problem :
How to close the previous year in SunSystems.

Solution :

Accounts need to close the previous years by doing the following Steps.

1. Run Trial Balance for the first period of the new year ( Example 01/2017).
2. check under for line with named total Previous year profit/loss.
3. transfer profit/Loss to your Balance Sheet account (example, Retained earnings.

        In the case of profit:
         3.1 if it shows Profit Credit the retain Earning (Balance Sheet account) and Debit the profit and loss Account ( example Prior error profit and loss - make sure this account is outside your range of normal P&L Accounts).
        In the case of Loss:
         3.2 if it shows Loss do the opposite and debit the Retain earnings and credit the Profit and loss account.


Regards
Samer Ajlawi
Mobile No. 0500541902