Year End Closing / Helpful Tips
Helpful Tips
Location
Setup > Account > Chart of Account Registration
Remark
We can separate our Retained Earning by yearly accounts instead of lumping them together into one account for past period financial years. To create different Retained Earning account by year,
Location
Setup > Accounts > A/C Setting
Remark
When changing the financial status, also change the Retaining Earning A/C (For Year End Closing) to a Retained Earning account for that financial year.
Location
Adjustment > Accounts > Year End Closing
Remark
When Generating the Year End Closing module, the Retaining Earning A/C will choose as per your selection in your account set earlier in A/C Setting.
Location
Adjustment > Accounts > Year End Closing
Action
> Click POST
> Click YES
> Click Print Closing Report
Remark
Print the Year End Closing Posting report the P/L items will post to Retained Earning for your Financial Period
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Year End Closing / Check
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