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Hi Friends,
Can anyone suggest me why do we give the offset account for adjustment entry in year end closing process.
Thanks in advance
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Hello subashini bonkuri,
For each year end adjustment, you need a debit and credit transaction. That is why you have to specify the offset account.
As an example:
If you want to shift $10 from your account 1 to account 2, you add +$10 for account 1 and enter account 2 as the offset account. This allows AX identifying that -$10 shall be booked on account 2.
Best regards,
Ludwig
Hi Ludwig,
Can you please give me a real time scenario.
Hi,
Here are some screenshots from my demo environment:
1. I want to transfer $5000 from account 110110 to account 110130.
2. Therefore, I enter the following transaction
Minus $5000 means that I credit account 110110.
The other account (110130) will consequently be debited.
3. After leaving the transfer form, I see the following
The overall effect on my financial accounts and statements is zero because of the debit / credit idendity.
If I post the closing sheet, I will see a corresponding adjustment voucher created.
Does that answer your question?
I have gone through your post i understood this example.But why do we need to transfer the amount from one account to another, here i have a bit confusion.can you specify the reason.
Hello subashini,
The transfers are regularly requested by external people, such as your corporate or tax auditors. For ordinary postings, I would not use the closing sheet.
ok Thank you .
lastly you said you would not use closing sheet. Then how do you post the adjustment entry.
For any ordinary posting that transfers money from account A to account B, you do not need the closing sheet unless your auditors ask for that and unless the transfer is specifically made for year end transfers.
Otherwise, you would have to setup a lot of closing periods if each and every transfer should be made through a closing sheet.
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