Year End Closing
8.0. YEC Recommend for Retained Earning Account
Recommend - Setup Retained Earning Account STEPS: Click SETUP Activity Click ACCCOUNTS Module Select Chart of Accounts Create a NEW code for "Retained Earning" We can separate our Retained Earning by yearly accounts instead of lumping them together ...
7.0. YEC Complete
Final step to change the financial status to Close STEPS: Click on EDIT, display on the left bottom module Change Financial Period's status from 'Finalising' to 'Close', display on the right bottom module Click SAVE, display on the left bottom module ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
8.2. Do I need to tick the box for 'Post previous Period Also'?
The Post Previous Period Also function will post all previous P&L values in the current posting. This means that previous years P&L entries will be mixed in with the current posting. It is NOT recommended to do this. The recommended method will be to ...