Automatic Closing Journal Entry

This article will provide you with an overview of how cieTrade.net works when integrated with QuickBooks Online and how to post the Automatic Closing Journal Entry.

If your cieTrade.net database is integrated with an accounting system, you are be familiar with cieTrade's month-end closing procedure.

The Month-End Closing Procedure consists of the following steps:

1. Closing the period in cieTrade.
2. Running the Closing Adjustments Report for that period.
3. Using the Closing Adjustments Report to manually create a journal entry onto your accounting system to record your top line gross profit line by line.

One of the advantages to using QuickBooks Online, is that the final step of this process, manually creating a journal entry of your top line gross profit, can now be automated.

Once you have completed Steps 1 & 2 above, you can now automatically post the month-end closing journal entry with the click of a button.

1. On the Process Period End screen you will close the period.

2. On the  Closing Adjustments Report screen you will run the report for that period and select the option to 'Post Journal'.

Once the journal entry has been posted from cieTrade, there will be 2-3 journal entries automatically created in your QuickBooks Online, depending on the module you use.

There will be a journal entry for Sales, Expenses and Inventory (if applicable).

NOTE - All GL accounts must match in cieTrade.net and QuickBooks Online in order to successfully make this posting.