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Close Classes 4 and 7 by Departments

Previously mentioned preset template Prepare to Close Expenses and Income Accounts is an easy-to-use and simplified formula, not including transfer of costs to expense accounts or revenue account. These procedures are to a great extent dependent on mid-year posting to specific accounts, and on accounting practices of the company. Thus it is almost impossible to preset them for actual use. Here you can view an example of defining such transfers and how to modify them for practical use. Perform a multi-step procedure by defining multiple corresponding templates for automatic posting.

Selecting O - By Departments in lines of posting template sets all posts and contra entries according to department from a line of journal entry (that is, post).

For similar examples on application of cost centers see Close Expenses and Income by Departments and Cost Centers.

Line	Note
10	Close cost accounts = Sum up debit balance of the accounts of class 4 (cost accounts). Here only credit post is defined and it was requested that it should be posted to that account and in the amount used in the calculation formula. Since you selected O - By Departments, the credit contra-entry shall is created across departments.
15	Move class 4 to account 4910 = Amounts calculated in line 10 get posted to the debit side of the account 491 to transfer costs to expenses. Since you selected O - By departments in lines 10 AND 15, it is posted by departments to the debit account.
20	Move 4910 to class 7 (e.g. 7000 - expense account) = Amounts calculated in line 10 are posted to the debit side of expense account (class 7) and to the credit side of account 491. Since you selected O - By departments in lines 10 AND 20, posts are created across departments.
21, 25	Close 7000 and move to P&L before taxation account (e.g. 8000) = Amounts calculated in line 10 are posted to the debit side of the revenue account (class 8, for example, account 800). It is included in transaction from line 30 because it has not been posted yet! Posting will also be performed across departments.
30	Close expense accounts = Sum up debit balance on accounts of groups 70 through 75. That is, expense accounts. Here only credit post is defined and it was requested that the it should be posted to that account and in the amount used in the calculation formula. Since you selected O - By Departments, the credit contra-entry shall is created across departments. To transfer to multiple revenue accounts (e.g. profit/loss from continuing operations and profit/loss from other activities), you have to add additional lines or formulas of the type presented here.
35	Move expenses to P&L before taxation account (e.g. 8000) = Amounts calculated in item 30 are posted to the debit side of the P&L account (class 8, for example, account 8000). Transactions on account 7000 that you are trying to establish following this same procedure have been transferred to the revenue account in line 25.
40	Close income accounts = Sum up credit balance on accounts of groups 76 through 79. That is, income accounts. Here only debit post is defined and it was requested that it should be posted to that account and in the amount used in the calculation formula. Since you selected O - By Departments, the debit contra-entry is created across departments. To transfer to multiple revenue accounts (e.g. profit/oss from continuing operations and profit/loss from other activities), you have to add additional items or formulas of the type presented here.
45	Move income to P&L before taxation account (e.g. 8000) = Amounts calculated in line 40 are posted to the credit side of the revenue account (class 8, for example, account 800).

Only calculation is performed in lines 50 and 60. No posting occurs to the revenue account! Set posting formulas accordingly here or in a separate procedure by using a new automatic posting template!

Gross profit
If the amount of income (from line 40) is greater than the amount of expenses (from lines 25 and 30), the amount of income less the amount of expenses is displayed in the Gross Profit line. Otherwise, the amount 0 is shown here. Because all data in specified lines has been collected across departments, and you selected to display line 50 by departments, gross profit is also displayed by departments.

Gross loss
If the amount of income (from line 40) is less than the amount of expenses (from lines 25 and 30), the amount of income less the amount of expenses is displayed in the Gross Loss line. Otherwise, the amount 0 is shown here. Because all data in specified lines has been collected by departments, and you selected to display line 60 by departments, gross loss is displayed by departments.

Summary Report by Lines

Here it displays amounts without detailed information by departments:

Summary Report by Accounts, Debit and Credit Accounts Shown Separately

It shows the amount of individual posts with specified departments that will be credited or debited on the specific account. Below you can see a section of the report concerned:

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Close Classes 4 and 7 by Departments

Close Expenses and Income Accounts by Departments

Summary Report by Lines

Summary Report by Accounts, Debit and Credit Accounts Shown Separately

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