How to close the previous year in SunSystems.
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.
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