In closing the fiscal year, I am trying to transfer closing balances to the new year through the Opening Transactions function in GL > Periodic > Fiscal year close > Opening transactions, and receive an Infolog with the message "No transactions to post."
In the closing section of the Opening transactinos form, I select the correct fiscal year, end dates for the "Balances through fiscal period" (Period 12) and "Post to fiscal period" (Period 13) options. In the Opening section, I select an end dat for the "Balance through fiscal period" (Period 13), Closing>Opening in the "Balance accounts" option, and enter a voucher number.
In the main account setup, I've set the "Close" option to Balance for all balance sheet accounts, and Result for all revenue and expense accounts.
In General ledger parameters, I have selected "Delete close-of-year transactions during transfer," "Create closing transactions during transfer," and "voucher number must be filled in" in the Fiscal year close fast tab of the Ledger section. I've also selected "Use posting definitions" in the Accounting rules fast tab because of a previous message I received while trying to transfer opening transactions.
I've reviewed the trial balance, and confirmed that no adjustments are needed, so I don't think I need to use the Closing sheet.
I'm thinking this may be related to the posting definition setup. Please advise on how to setup the posting definitions for year-end close, or provide suggestions on any other setup that is needed.
In addition, will the Opening transactions job also close out revenue and expense accounts to retained earnings, or is that done with another process?
Thanks in advance for your help!
