When the session date is advanced to the first day of the next year, Sage 50 Accounting Closes the revenues and expenses, transfers the net income/loss and drawings/dividends for you and prepares the General Journal entry. Closes the revenues and expenses. transfers the net income/loss and prepares a General journal entry Closes the revenues and expenses, transfers the net income/loss to Capital or Retained Earnings but does not prepare a General journal entry: Will generate journal entries for the closing entries specified at your request in System Setup