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Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / Should the Accounting ...
Small and medium business | Business Central, N...
Answered

Should the Accounting Period Have Been Created?

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Posted on by john.ellis 3,510

Hi:

We imported and posted closed year balances for the year 2018 from Sage into BC as of 12/31/2018.

Then, we imported and posted net changes for January 2019 from Sage into BC as of 01/31/2019.

Prior to this, the Accounting Periods window in BC shows that the years 2019, 2020, 2021, and 2022 had been created with the years 2019 and 2020 showing as closed.

Should the year 2018 have also been created in the Accounting Periods window, as well, even though closed balances had been imported and posted as of 12/31/2018?

Thanks!

John

I have the same question (0)
  • Verified answer
    Teddy Herryanto (That NAV Guy) Profile Picture
    Teddy Herryanto (Th... 14,275 Super User 2025 Season 2 on at
    RE: Should the Accounting Period Have Been Created?

    I personally don't think you need to. But there is no harm on creating 2018 as well.

  • john.ellis Profile Picture
    john.ellis 3,510 on at
    RE: Should the Accounting Period Have Been Created?

    Thank you, Teddy!

    John

  • Suggested answer
    Community Member Profile Picture
    Community Member on at
    RE: Should the Accounting Period Have Been Created?

    John,

    Adding to what Teddy replied... As an Accountant, the 12/31/18 balances are for the period ending 12/31/18 which include the Balance Sheet and Income Statement GL Account. You would need to close Income Statement for 12/31/18 to post the Retained Earnings Entry. This would be required to remove the 2018 figures from the P&L accounts.

    I would add the Accounting Period Year for 2018.

    Thanks,

    Steve

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