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Closing Classes 4 and 7 by Departments and Cost Centers

Close Expenses and Income Accounts by Departments and Cost Centers

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To continue where we left off in the previous topic with closing of expenses and income accounts by departments and supplementing it with closing by cost centers, changes do not occur in the procedure used. But the posting template is modified a bit. Then select N - By Depts. and Cost Ctrs. in Posting Templates register.

Hence the only difference is that you set N - By Depts. and Cost Ctrs. in lines of posting template. That is why all posts and contra-entries are collected by department and cost center entered in the line of journal entry (that is, post).

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 N - By Depts. and Cost Ctrs., the credit contra-entry shall is created across departments and cost centers.

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 N - By Depts. and Cost Ctrs. in lines 10 AND 15, it is posted by departments and cost centers 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 N - By Depts. and Cost Ctrs. in lines 10 AND 20, posts are created across departments and cost centers.

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 and cost centers.

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 N - By Depts. and Cost Ctrs., the credit contra-entry shall is created across departments and cost centers. 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 N - By Depts. and Cost Ctrs., the debit contra-entry is created across departments and cost centers. 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!
  1.  
 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 cost centers, and you selected to display line 50 by departments, gross profit is also displayed by departments and cost centers.
  1.  
 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 across departments and cost centers, and you selected to display line 60 by departments, gross loss is also displayed by departments and cost centers.

 

 

 


 

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