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Year-end
Year-end
Year-end
You create a year-end
journal entry as well as the opening entry for the new fiscal year as
the last step at the close of the fiscal year.
After you select the Year-end menu
option, a window for entering data opens:
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Posting of closing entry includes information from journal entries with dates
from the
period:
- from the date of the opening of the general ledger from the
parameters.
The opening date field CANNOT be left empty and MUST be correct. It
has to be the first day from the calendar of the fiscal year to be closed -
verify!!!
- to the selected creation date of the closing entry
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Creating Closing Entry:
Document Type
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You may select the document type, with which the closing entry is to be
created. A
400 - Initial Balance document type is predefined for this. It is
recommended that you with this document type post ONLY the closing entry,
which can also be accordingly marked as such in the
Administration Panel | Settings | Financials | General.
The data is used so that such posts are excluded from some
overviews (see Trial Balance).
| Period date
| you enter the period date of the closing entry. That is the
last day of the fiscal year to be closed.
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Create opening entry:
it enables you the creation of the opening balance for the next fiscal year.
Document type
| You may select the document type, in which
the opening entry is to be created. A document type is predefined for this
400 - Initial balance. It is recommended that
ONLY opening entries are posted eith this document type, which can be marked
as such in the
Settings | Financials | General. The data is
used so that suh posts are excluded from some overviews (see Monthly SKV report to the National Bank).
| Period Date
| You enter the period date for the closing entry. That is the
last day of the fiscal year you are closing.
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Close
| By clicking this button you launch the
creation of the closing entry for the previous and of the opening entry
for the new fiscal yea,r according to the data entered above. See
Closing and Opening Entry.
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It is displayed in the right section of the panel:
1. Closing Entry Information
Number
| The ID of the automatically created journal
entry at the close of the fiscal year. | Debit
| It displays debit transactions to journal entry at the close of the fiscal
year. | Credit
| It displays credit transactions to journal entry at the
close of the fiscal year. | Balance
| Here is displayed the journal entry balance at the close of the fiscal year. |
2. Opening Entry Information
Number
| The ID of the automatically created yournal
entry at the start of the fiscal year. | Debit
| It displays debit transactions to journal entry at the start of the fiscal
year | Credit
| It displays credit transactions to journal entry at the
start of the fiscal year | Balance
| Here is displayed the journal entry balance at the start of the fiscal year |
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The closing and opening entries contain summary data. That is, posting by
departments and subjects are not considered. Data from financial reports are
transferred from the previous to the new fiscal year! |
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Individual accounts can be closed according to the settings in the
Chart of Accounts register:
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If the closure is made in local or in foreign currency, then there shall be
as many closing or opening balances as there are balances in different currencies.
If the closure is made in the local currency, then there shall be only one
closing and opening balance. |
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If the account has posts in local as well as in foreign currency, and at the
time when posting closure there is a setting in the Chart of Accounts register
that only posting in local currency is possible, then the closing entry shall be
made only in local currency.
This may be changed by deleting the
closing entry or by changing the settings in the Chart of Accounts
register and post the year-end once more.
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For related topics see:
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