Closing the year

Check that the year-end closing is accurate. Compare your period 12 Trial Balance before closing the year to a period 1 Trial Balance after closing the year. The ending balance from the period 12 for Asset, Liability and Equity accounts should be the beginning balance from the period 1 Trial Balance. The only exception will be that Net/Income will have moved into Retained Earnings. The beginning balances for all income, job cost, expenses, other income, other expenses and income tax accounts should be zero on the period 1 Trial Balance.