Note:
- New Accounting Period must created before close latest accounting period
- If dimension value is mandatory for some G/L account (for example, Department is mandatory for Office Expenses) user need to set the value posting to No Code for related default dimension. After the closing entries have been posted, change back the value posting for the default dimension
# | Description |
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1.Check all Journals, Orders, Invoices section Check all batches of General Journal, Payment Journal, Cash Receipt Journal, Purchase Journal, Item Journal, Phy. Inventory Journal, Recurring Journal, Sales Order, Sales Invoice, Purchase Order, Purchase Invoice etc., to ensure all entries of the current year is being posted | |
2.Close Accounting Period Search “Accounting Period”, then select “Close Year”. *Be aware that once the Accounting Period is being closed, it CANNOT be re-opened, but user can still book entries to the closed accounting period. | |
3.Close Income Statement Search “"Close Income Statement”, then fill in the required information
If select “BALANCE” - the entry for Retained Earning Account for the balance to be created. example as below: Dr P/L account 1 $100 Dr P/L account 2 $200 Dr P/L account 3 $300 Cr Retained Earning $600 If select “DETAILS” - the entries for Retained Earning Account for according to each balance P/L account to be created. example as below: Dr P/L account 1 $100 Cr Retained Earning $100 Dr P/L account 2 $200 Cr Retained Earning $200 Dr P/L account 3 $300 Cr Retained Earning $300
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4. Click OK to Close Income Statement After input the required fields, click OK to confirm. If no validation error, the system message "The journal lines have successfully been created" to be prompted. User can then to go General Journal to check the Batch | |
5. Post the Journal Batch for the closing entries IMPORTANT: Some GL account is request dimension when post but the dimension is not necessary for closing entry. To post the closing entry, please remove all value posting = “Code Mandatory” / "Same Code" for G/L account (table for default dimension) then post the closing batch and import the original default dimension for G/L account after post. | teps for remove all value posting = Code Mandatory for G/L Account 1) Go to configuration package (current package: DIMENSION-CLOSE_FY) 2) Select Table ID 352 Default Dimension 3) Select action Table => Fields 4) in Config. Package Fields for Table 352, select Include Field Table ID, No., Dimension Code, Value Posting 5) Select action Table => Filter 6) Filter Field ID 1 Table ID, Field Filter = 15 7) Select action Excel => Export to excel 8) Save the excel file for import back to system after posting the year-end journal entries 9) Save as a new file and remove all "Code Mandatory" / "Same Code" 10) Back to the configuration package, select action Excel => import from excel 11) Import the file which is removed all code mandatory 12) Select action Function => apply data 13) After post the closing batch replete step 10 and import the original file which is exported by step 7 and then apply data |
5. Check the Year End Closing Entry In General Journal, users should check the Year End Closing entry it generated by system then post the entries. After Posing, all P/L account's balance will then transfer to Retained Earning Account. |
Case Handling
If late accounting Entries / Audit Adjustment need to made into closed accounting period, user can post the entries then process Close Income Statement again.
Steps:
Steps | Year End Procedures | Remarks |
1 | Close Accounting Period | Once it is closed, it cannot be re-opened. But User can still input entries into the closed accounting period |
2 | Close Income Statement | To transfer P/L data to Retained Earnings |
3 | Book Late Accounting Entries / Audit Adjustments for the closed accounting period | Because the accounting period is closed, these entries with have a "Yes" under Prior Year Entry (Back-end indicator). (Note: please check allow positing period in General Ledger Setup and User Setup to make sure the entries for closed accounting period can be post) |
4 | Close Income Statement for the accounting period again | To transfer those P/L Late Entries/ Audit Adjustments to Retained Earnings |