Within ASI SmartBooks, your Fiscal Closing will be an automatic function. The process will occur when the first operator logs into the system, after the last day of your fiscal year.

Example: If your Fiscal year ends 12/31/2011, the first operator that logs into ASI SmartBooks with a date newer than that will trigger the Fiscal Closing transactions to automatically occur. There will be a message on the screen similar to "Processing, please wait. System updating is occurring.". Once the updating is complete, the operator will be taken to the Home Menu as usual. That's all there is to it!

During the updating, a ledger transaction named "Closing Entry" will be created for each P&L account to clear the YTD balance. The offset accumulated ledger transaction will be created for the Equity-Retained Earnings ledger account stored within Company Setup. Closing Entry ledger transactions are displayed in the Ledger Transaction-Audit Trail List.

If you have any December processing that needs to be accomplished after the Fiscal Closing has occurred, you will just enter a December date as the Posting Date of your transaction. Your transaction will be correctly reported within the financial reports for last year.

If you want to see when your most recent Fiscal Closing occurred, go to Tools/System Preferences and view your Last Fiscal Closing Date.