Hi Community,
I would like to ask what should I take note of before Accounts close the Accounting Periods of the Fiscal Year in Navision 2018?
Also, what should I take note of before Accounts proceed to close income statement?
Thank you!
Josh,
Only your Accounting users should be performing this function. They would know when they the year is closed and all entries made that the Year can be closed and Close Income Statement run. I am guessing you are not an accountant since you are asking what this function does. I would defer to your Accounting/Finance team to perform these 2 steps.
Hope this helps.
Thanks,
Steve
Hi Steve,
Appreciate your reply.
While I agree with your notion, I would like to understand so that I have a clearer view of the flow that accounts is doing, however, if this is not the right place to ask. I'm fine with that.
Also, I always like the idea that, no matter what I don't know, I can learn beyond my scope to benefit my company.. :)
To help you here at the end of every Fiscal Year you would take the G/L Accounts, within the Income Statement (P&L), and clear all entries and post the Net Results to Retained Earnings. This is a closing entry that is made at the end of a fiscal year to transfer balances from income statement accounts to a retained earnings account.
Companies use closing entries to reset the balances of income statement accounts − accounts that show balances over a fiscal year − to zero. By doing so, the company moves these balances into a balance sheet account.
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