Does the software/application automatically close all income statement accounts into retained earnings when performing a year-end closing or is a manual closing entry required? – Computer Insights, Inc.

Does the software/application automatically close all income statement accounts into retained earnings when performing a year-end closing or is a manual closing entry required?

General Ledger System

Does the software/application automatically close all income statement accounts into retained earnings when performing a year-end closing or is a manual closing entry required?

Yes, The Business Edge automatically closes all the income statement accounts into retained earnings. No manual closing entry is needed.