Allows you to close the current accounting period and prepare the accounts for the next accounting period
The Close Accounting Period dialog box offers the following options:
Account to which to close the Income accounts
Displays a list of accounts to which you may record the net Income transactions for the current period.
Account to which to close the Principal accounts
Displays a list of accounts to which you may record the net Principal transactions for the current period.
Close accounting period through date
Provides a place for you to specify a date through which to close. All transactions dated prior to this date are deleted.
Do you want to include Distributions and Contributions account categories in this closing?
Provides a place for you to specify whether to accumulate Distribution and Contribution amounts from period to period. In cases where accumulation is not important, such as when there is only one beneficiary, respond with Yes.
If this entity has multiple beneficiaries, answering 'No' will maintain those separate interests.