Membership Plus completely automates fiscal year-end processing. The system closes out records from the previous year and prepares your files for the new fiscal year.
Membership Plus initiates this automatic processing when your fiscal year-end month passes AND you record your first transaction in the new fiscal year. Once the automatic processing begins, Membership Plus displays a notice that it is preparing your accounts for the new year.
During this year-end processing, Membership Plus will:
Add a closing entry adjustment transaction to each income and expense account. These adjustments will set the ending balances for these accounts to zero, but will not affect the transactions in the accounts, regardless of the transaction's date.
- Post these closing entries to your linked fund balance account.
- Marks the closing entries as cleared through the reconciliation procedure.
After you enter a transaction with the new year in the date and click Save, you will see the following confirmation screen:
Click Yes to initiate the year end procedures.
Membership Plus
Windows
11
