How to edit or delete the Year-End Closing Automatic Journal Entry

Based on how you set up your year-end date and your closing entries, an automatic journal entry will be generated to close out your income and expense accounts. This journal entry adjusts based on the various transactions you input into the system.

The automatic year-end closing journal entry can not be edited or deleted.

If at any point the closing entry is throwing off your reports by creating an incorrect balance on your equity account, most likely a mistake was made on another transaction. We recommend reviewing the journal entry details for the closing entry to determine which account is off.

Note: A closing entry will trigger at the end of every year that has an entry containing an income or expense account. If a closing entry is posted in an incorrect year, review the General Ledger Report for that year and locate the transaction(s) that are triggering the entry. Once the entry has been located, view How to edit or delete a journal entry.