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ReportHi Community,
May I ask what happen when I select the Close Income Statements in Chart of accounts in Navision 2018?
Am I able to reopen it if it was close accidentally?
Thank you!
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Hi Community,
May I ask what happen when I select the Close Income Statements in Chart of accounts in Navision 2018?
Am I able to reopen it if it was close accidentally?
Thank you!
Josh,
The Close Income Statement function takes the Income Statement account balances, for the Accounting Year you are closing, and creates and entry zeroing out the balance and moving it to Retained Earnings. This is a normal GAAP accounting activity you record each year.
If you made a mistake, you just create a general journal entry fixing your error and rerun the Close Income Statement.
Hope this helps.
Thanks,
Steve
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