Ending the Fiscal Year with Profit Centers

If using Profit Centers to code financial statements, review the following items before ending the year.

  1. Do all general ledger accounts have a profit center assigned to them? To verify, run the Chart of Accounts report from Accounting Reports / General Ledger. If any accounts do not have a profit center associated with them, edit the general ledger account, and select the appropriate profit center.
  2. If profit centers are used, does each profit center have a general ledger account assigned to it? If a general ledger account is not assigned to a profit center, delete the profit center before ending the year.