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We’re excited to announce that the 2025 Community Recap is now available! This special recap highlights the amazing contributions and achievements of our members over the year and celebrates the collective success of our community.
Check your personalized recap to see the impact you made in 2025 and how your efforts helped shape our community’s growth and success.
View Your 2025 Community Recap
Thank you to everyone for your passion, collaboration, and support. Here’s to building an even stronger community together in the year ahead!
Year End Close Question - Two Companies - 1 Non Profit/1 For Profit
We are ready to close the FY 2007-08 on Netsuite for the first time. Before we execute this step, we want to make sure the two accounts (fund balance & retained earnings) are recorded correctly.
Currently, our two entities (a Non-Profit and For-Profit entities) are separated out as departments on Netsuite as NetSuite suggested when we set it up originally. These two companies mirror each other in goods and services and trade under the same name.
As we close the fiscal year, the non-profits income and expense accounts are zeroed out and the resulting net income or loss are recorded into the the Fund Balance Account. Likewise, the For-profit income and expense accounts are zeroed out and the resulting net income or loss are recorded into -Prior years Retained Earnings. Is Netsuite set-up to do these separately? If not, do we need to mark the For Profit (FP) and Non Profit (NP) income and expense accounts?