Blackbaud is taking away the ability to hard close a fiscal year. This means the value in your Retained Earnings accounts (mine are 01-3000 and 02-3000) would have $0 entries reflected. In addition, you are unable to run an accurate trial balance report that shows the correct balance in your retained earning accounts.
This is a core accounting function; closing the income statement to retained earnings each year. When all else fails an accountant can use the trial balance statement to build the financial statements and figure out what does not balance. For the record I do like the soft close option on reporting, but there needs to be hard close like in database.
We require proof of a hard close for audit
I agree! How is there not an option to hard close the fiscal year?
We must be able to hard close a fiscal year. The cumbersome process of building a financial statement without a hard close is unacceptable.