Auto Close GL Entries

What is Auto Close?

The Auto Close feature lets Portico move closing transactions from the income and expense accounts, to the net income account, thereby eliminating the need for manual journal voucher entries.

How often should I run Auto Close?

It depends on your credit union, on how often you like to close out the income and expense general ledgers. It normally is monthly, quarterly, semi-annual or annually.

How do I run Auto Close?

This feature is activated by the 308 Report Rules. Your credit union has access to the report rules to schedule Auto Close to run. NEVER RUN AUTO CLOSE ON THE LAST DAY OF THE MONTH. IT WILL CLOSE OUT THE PREVIOUS MONTH AND THE CURRENT MONTH.

If Auto Close runs and I was not done making entries what happens?

If Auto Close runs and the entries were not completed or are out of balance, you can run it again. You can run Auto Close as many times as you need to. You would only need to rerun Auto Close if the entries that you will be making involve an income and expense general ledger.

What general ledgers does Auto Close adjust?

It will debit/credit the income (100/400) and expense (200/300) general ledgers and off set the net income (960-000) general ledgers.

Do I have to manually make the entry to my Undivided Earnings and Reserves?

Yes, you will manually offset the net income account (960-000) to the undivided earnings (940-000) and reserves (930-000) accounts.

Note: Some credit unions will wait and let Auto Close make the entries first and then make the Undivided Earnings and Reserve moves. Others will make the Undivided Earnings and Reserve moves first and then when Auto Close runs, it will zero out the net income general ledger.

If Auto Close ran, can it be reversed?

No, Auto Close cannot be reversed. Your credit union can reverse it manually, but it will cause the year-to-date totals to be out for the rest of the year. We do not recommend this.

How do I verify what moves were made to my general ledgers?

When Auto Close runs, a physical 308 Report is generated showing the dollar amount moved from each general ledger and offset to the net income account.