Closing and rounding options for trial balance

After entering your balances, we recommend reviewing closing and rounding options for the trial balance. You can select these options at the enterprise level (chart level) or binder level. Closing options depend on the type of trial balance entered in the Tax Accounting System (TAS).

Open trial balance

An open trial balance reports the retained earnings at last year's ending balance. The retained earnings account balance doesn't include current year net income or loss per books. Debits and credits of the trial balance are equal with the possible exception of nominal rounding amounts.
Selecting a retained earnings account informs the system to calculate current year net income and loss per books which closes the trial balance.

Closed trial balance

A closed trial balance includes current year net income per books in the retained earnings account. Debits and credits differ by the amount of current year net income or loss per books.
You can review closing options at the enterprise and entity-level inside the binder by selecting
Tax Accounting System
,
Compute
, and then
Options
.
Closing and rounding options

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