8.3. Do you have Adjustments after Year End Closing?
After Year End Closing (YEC) has been done, then you generate the P&L and tick 'include Current Year End closing' the value should be zero.
If you made audit adjustments, then you may have values that were not included in the YEC.
For example,
FY 2018.
Year end closing has been done.
Auditor give you some entries to add.
Now when you generate the P&L and tick include current year end closing
the report will generate with values.
Note. you can generate the P&L with the above options to quickly see if you have entries that were not included in the year end closing.
To resolve is you can run the YEC module again.
this will post your adjustments into the retain earnings account.
Related Articles
Accounting Year End Closing Training Guide
Training PDF can be downloaded from 'Attachment' section below.6.0. YEC Adjustment
After Closing - Auditor or Accountant Adjustment STEPS: Click on ADJUSTMENT Activity Click on ADJUSTMENT Module Select JOURNAL ENTRY Click on NEW, display on the bottom right module Adjustment Entries STEPS: Date End Financial Period Select ACCOUNT ...8.1. Why is Current Profit/Loss at Balance Sheet different from Profit/Loss report
Commonly when there is a difference in the P&L and BS this usually indicates that Year end closing was not done for a period. (note this may apply to multiple periods) Adjustments were made after year end closing was done. ( note this also can apply ...4.0. YEC Post
Post the year end closing Note that the system has calculated the amount to b/f to Balance Sheet at “Total (Current Period)” and the “Total (Previous Period)” should be zero if have closed the previous year properly. Otherwise you can post together ...5.0. YEC Check
Check after Post - Print the Profit & Loss Report STEPS: Click on REPORT Activity Click on FINANCIAL Module Select PROFIT/LOSS The profit and loss statement is a summary of the income for a period and subtracts the expenses incurred for the same ...