To evaluate profit and loss, a fiscal year closing report is provided at the end of each fiscal year.
Fiscal year closing involves the following steps:
To confirm that you want to close the fiscal year, choose the Yes button.
After the fiscal year is closed it cannot be opened again, and the period in the fiscal year cannot be changed.
On the Options tab, fill in the fields as described in the following table.
Field | Description |
---|---|
Fiscal Year Ending Date | The ending date for the fiscal year. |
Gen. Journal Template | The name of the general journal template in which to place the entries. |
Gen. Journal Batch | The name of the general journal batch in which to place the entries. |
Balancing Account No. | Select the relevant account number. |
Document No. | The batch job automatically populates this field with the next available number for the journal batch if you fill in the Gen. Journal Template and Gen. Journal Batch fields. You can also enter a number into this field manually. |
Net Profit Account No. | Select the unique net profit account number. |
Net Loss Account No. | Select the unique net loss account number. |
Posting Description | Enter a description. The default text is Close Income Statement. |
Business Unit Code | Select this check box if you require an entry for each business unit code. |
Dimensions | Optionally, select the field to select the dimension codes if you require an entry for each dimension used in the general ledger account. |
Inventory Period Closed | This field indicates that the inventory periods with ending dates greater than or equal to the last date of the accounting period are closed. |
Choose the OK button to create the journal entries.
An entry is posted to each income statement account so that it has a zero balance. The year-end result is transferred to the balance sheet.
Closing Years and Periods
Italy Local Functionality
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