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Year End Closing

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Posted on by Muhammad Yousaf

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HI All,

I have an issue, where our finance team has indicated the problem as follows

"Year End close does not carry forward net profit to retained earning in next year"

Can someone help

Regards

Yousaf

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SouravDam 11,721 on at

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RE: Year End Closing

Hi Muhammad Yousaf,

Year end close is very straight-forward in ERP.

As mentioned by Ludwig and Zain; appreciate if you kindly share screen shots of the process you are following which will be easy to figure out what went wrong here!

The person who is doing the closing; have to select the "Retained earnings" account during the closing process. If user don't want to select manually, then you can automate this in Accounts for automatic transactions form available in general ledger module. While running year closing, system will pick this account from this form itself.

Below screen shot is from D365 for your understanding.

Just make sure you are doing the following properly.

--- Select retained earnings account while running the year closing.

--- Make sure this account is part of the activated account structure.

--- Also set "Delete close of year transactions during transfer" check box enabled in general ledger parameters form.

--- Set "Voucher number must be filled in" check box enabled too in general ledger parameters form.

--- Also make sure you have not selected any other main account in the "Opening account" field in Main accounts form. If you do so; then during closing process; system will transfer the value in this account which you selected here.

We will be waiting for update from you on this.

Best regards,
Sourav Dam

Kindly mark this thread 'Yes' if this is answered your query which may help other community members in this forum.
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Ludwig Reinhard Microsoft Employee on at

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RE: Year End Closing

Hello Yousaf,

The account that is hit when running the opening transactions is specified by the one who runs this process.

If your accountants setup the net profit account in the opening transactions form then the net profit will be posted against this account.

Best regards,

Ludwig
Muhammad Yousaf 1,337 on at

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RE: Year End Closing

I am just running the

GL-Periodic-Opening transactions

as per finance, everything is being completed, except net profit is not hitting the retained earnings account

in the next year...

Regards

Yousaf
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Zain Mehmood 2,715 on at

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RE: Year End Closing

Hi Muhammad Yousaf,

How are you processing the year end closing? Can you tell us the steps that you ensuring to run the Year end process? As the retained earnings will always be part of the account which you setup while running the Year End closing Job.

Warm Regards,

Zain
Ludwig Reinhard Microsoft Employee on at

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RE: Year End Closing

Hi Yousaf,

Can you try to get more information from your finance people?

When did they say this and why?

What process did they execute and what was possibly going wrong?

Some screenprints and additional information would help a lot here.

Many thanks,

Ludwig