Post-YEC Audit Adjustments: Financial Reports & Retained Earnings

Adjustments after Year End Closing

Your auditor might ask you to generate Financial Reports and make audit adjustments post-YEC (Year End Closing).
In that case, use Journal Entry and/or Stock Adjustment modules to make adjustments.
With adjustments made, there might be outstanding balances in Expense, Cost & Income accounts.
Repeat Steps 1-4 in Year End Closing module again to post oustanding balances to Retained Earnings account.

To verify whether there any outstanding balances not yet posted to Retained Earnings account, go to {Report > Financial > Profit/Loss] and:
  1. Set "From" date and "To" date as your Financial Period's Start date and End date respectively.
  2. Tick "Include Current Year End Closing"
  3. Click "Refresh" button


With these filters, balances generated are outstanding amount not yet posted to Retained Earnings.
If there are outstanding balances, repeat Steps 1-4 in Year End Closing Generation module.
If there are no outstanding balances, proceed to close the Financial Period at A/C Setting module.


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