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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 ...
1.0. YEC Quick Overview
YEC Preparation The main purpose of Year End Closing process is to move the Profit/Loss amount incurred over the Financial Year (stored in Expense, Cost & Income accounts) to the Retained Earnings account. Ensure that all previous Financial Periods ...
3.0. YEC Verify
Select the year end closing period STEPS: Go to ADJUSTMENT Activity Click on CLOSINGS Module Select YEAR END CLOSING Select the Financial Period for closing, display on the top left module Note that the period for the closing available because we ...
2.0. YEC Preparation
System Permission / System Rights Please check with your system administrator if you do not have permissions to access these modules. You are required to have access to the following modules. A/C Setting Module Year End Closing Module Profit & Loss ...
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 ...