Closing Fiscal Year

In Netforce there is no need to do a specific year end closing entry in order to close out income statement accounts. The reports are created in real-time, meaning that the Income statement corresponds directly with the year-end date you specify in Financial Settings. Therefore, any time you generate the Income Statement, the beginning date will correspond with the beginning of the Fiscal Year and the account balances will all be 0.

Profit & Loss Report

Net Income in Profit & Loss Report will show automatically to the Balance Sheet at column “Current Year Earnings” depend on Fiscal Year End at Financial Settings page.

Balance Sheet Report

• Net Income in Profit & Loss Report will show automatically to the Balance Sheet  at column “Current Year Earnings” depending on Fiscal Year End at Financial Settings page.