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End of year procedures

Solution

STEP 1

1. Go to the General Ledger module.

2. Go to the Year End Closing tabfolder. ensure! that you have 3140 - Income Summary and 3110 - Capital accounts in you accounting structure.

3. Click Generate Closing Journal Entries button. the totals must balance before proceeding

3. Click Post Closing Journal Entries & Run Year End Routine button.

This is a fully automated procedure that:

-> closes your financial year,
-> creates the next financial year,
-> creates new financial periods,
-> create new chart of accounts and
-> posts the opening balances.

takes approximately five minutes.

4. Go the GL code allocations section and manually allocate the new year's GL codes accordingly, takes approximately 30 minutes.

 

 
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Article details
Article ID: 44
Category: ERP Integration
Date added: 2015-09-22 14:40:55
Views: 87
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