End of Year

[jfoster182]

This will be my first year with Powerchurch, I came on board after the prior secretary left in January. Anyways...our church does not use a budget and I was wondering what all I need to do to close out the end of the year with this software? Will all of my balances just roll over into the new year?

I have no accounting experience so please make it as simple as possible!

[Randy B]

From an accounting standpoint, only balance sheet accounts will roll over. Income statement accounts are zeroed out by transferring their balances to the fund balance so that you can start out a new month or year with zero balances. There is some useful information on this website about closing out the year.

[Kristi]

Does the "zero out" (for sub-accounts:version 8.5 they rolled into the major accounts) still apply to version 9 since it is designed not to be closed out and I can keep several months "open" at a time?

Thank you,
Kristi