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Preparing to Close Classes 4 and 7

Prepare for Closing Expenses and Income Accounts

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To create an annual balance sheet at the end of fiscal year, close Expenses and Income Accounts that have to have to be balanced out. That is, their balance has to be 0.

To this end, you can find a preset easy-to-use posting template using which you can close accounts of class 4 (costs accounts) without transferring posts to expenses. Plus, expenses and income are not reposted to profit and loss accounts.

 

000001.gif To compare and present of how to proceed when closing Expenses and Income Accounts see Close Classes 4 and by Departments!

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Note to Individual Phases in Creating the Report:

Line Note
  1.  
 Check procedures (expected result = 0)
= Sum up the credit transactions to the accounts of class 4. Every such post occurs as a result of an error, that is, of incorrect posting and so thus the line is named check procedure. Only account 4900 - Transfer cost to stock is included in credit balance of manufacturing organization in mid-year postings.
  1.  
 Close class 4
= Sum up the debit transactions to the accounts of class 4. (The total of debit transactions of cost from accounting period will be transferred as expense to profit and loss accounts - here these steps are not set.)
  1.  
 Close income
= Sum up the credit transactions to the accounts of class 7. It means closing all income accounts. (Steps for transferring to profit and loss account are not set here.)
  1.  
 Close income
= Sum up the credit transactions to the accounts of class 7. It means closing all income accounts. (Steps for transferring to profit and loss accounts are not set here.)

Other posting is performed  manually using this template to establish operating results.

Whenever clicking Calculation in taskbar of posting template, a window opens for entering report and posting criteria.

 

000001.gif For general information on reports and posting see Reports and Posting .
 
000001.gif Since the template in question is of Y-Year-end type, date criteria for the period of posting journal entry is offered by default. They should be included in the report and posting, according to the opening date in general ledger!

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Period Date Start period date from journal entry header to be used in report. Normally, it is the initial day of a closed fiscal year (e.g. January 1st, 2000). By default the first day of the year, which is in the program parameters marked as the opening date of general ledger is offered.
Date Posted End period date from journal entry header to be used in report. Normally, it is the initial day of a closed fiscal year (e.g. December 31st, 2000). By default the last day of the year, which is in the program parameters marked as the closing date of general ledger is offered.

OTHER CRITERIA SHOULD NOT BE ENTERED!!

 

Posting Type Enter regular parameters of journal entry:
  • document type - ID of document type used in creating journal entry. Enter default value in posting template.
  • period date of journal entry - By default, it is the last date of the year set in report and is equal to the one in Date Posted field.
  • Clerk - The person responsible, who will sign the journal entry.
  • posting date - Date of posting journal entry.
020545.jpg Clicking report icon or by double-clicking any report name generates data and displays generated closing amounts.
Clicking Posting posts according to criteria set in template a nd data entered in journal entry form.

 

Below you can see Calculation By Lines - Detailed::

 

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