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Year End Close Process

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Posted on by 4

Hi all,

I have a question related to the Year-end close process. When I ran the YEC, I still wondered how all the YEC vouchers formed, like the source that assisted the creation. (all vouchers that I mark in the picture below)

Screen-Shot-2566_2D00_05_2D00_31-at-10.28.55.png

Furthermore, about the button in the YEC template (picture below), if I turn the switch "Yes" = keep the balance at all dimensions and "No" = the system will only get the MainAcount and not convey the dimensions? Is that correct?

Thanks!!


  • Suggested answer
    Gaurangkumar Jani Profile Picture
    Gaurangkumar Jani 4,511 User Group Leader on at
    RE: Year End Close Process

    Hi LaLaLee

    If I am not wrong, this account is Balance Sheet Account and not P&L, right? If this is Balance Sheet you, this is right treatment as this is balance transfer to new year. If this is P&L please check your account type in main account and try to re calculate the balance.

    Please let us know if this helps.

    Thanks,

  • LaLaLee Profile Picture
    LaLaLee 4 on at
    RE: Year End Close Process

    Dear Jani,

    I still have questions related to the YEC process.

    In the 1st picture, when I ran the TB for 12/31/2021.

    Screen-Shot-2566_2D00_05_2D00_31-at-15.16.07.png

    Then I ran the YEC process for 12/31/2021

    Screen-Shot-2566_2D00_05_2D00_31-at-15.17.00.png

    When the YEC was processed, I ran the new TB on 1/1/2022 to check up on the retained earnings to observe whether the sum of OB in 2021 equals the OB in 1/1/2022 or not. However, the main account 180200 in 2021 (Accumulated Depreciation - Tangible Fixed Assets) still be in the new TB in 2022. Does this mean the MA not in the Revenue and Expense type will stay the same?

  • Suggested answer
    Gaurangkumar Jani Profile Picture
    Gaurangkumar Jani 4,511 User Group Leader on at
    RE: Year End Close Process

    Hi LaLaLee

    This entire journal is created by system. This amount is nothing but balance amount of previous year which is transferring to retain earnings or to same Account for BS account.

    I hope this answer your question.

    Thanks,

  • LaLaLee Profile Picture
    LaLaLee 4 on at
    RE: Year End Close Process

    Dear Jani,

    Thanks for your answer! Besides, about the voucher I provided when I ran the YEC process. How do all that vouchers have their amount and journal number? How does the structure of the YEC process and how it functions to form all that information?

    Second, about the button "Transfer balance sheet dimensions," I want to know the meaning when I turn it into "Yes" and "No."  

  • Suggested answer
    Gaurangkumar Jani Profile Picture
    Gaurangkumar Jani 4,511 User Group Leader on at
    RE: Year End Close Process

    Hi LaLaLee 

    Voucher number in Year end transaction is the same voucher you have provided while running YEC process as below:

    Regrading your second question, there are Two Part:

    1 - Balance Sheet Balance transfer - where you said "Yes" it means you will have opening balance on BS with dimensions.

    2 - Profit and Loss Account - where you said "Close All" it means you will not have bifurcation of dimension on retain earning transaction.

    Please let us know if this help.

    Thanks,

  • LaLaLee Profile Picture
    LaLaLee 4 on at
    RE: Year End Close Process

    Helppp!!

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