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Dear all,
I just operated 2020 fiscal year-end close, but system only transferred closing balance for 2020 Dec to 2021 opening balance, why it didn't transfer closing balance for whole 2020?
I rebuild financial statement set but it didn't work. Please help me. Thanx in advance!
Best regards,
Caroline
Be careful with the parameter 'create closing transactions during transfer' as your P&L accounts are cleared and your P&L statement for 31 December might show $0 values.
Hi,
Can you check the parameter on GL >>The Create closing transactions during transfer
The Create closing transactions during transfer option is used to create Closing transactions in the fiscal year being closed in order to bring the balances of the profit and loss accounts to zero. If this option is set to Yes, both the Opening transaction and Closing transaction is created. If this option is set to No, only the Opening transaction is created in the next fiscal year to transfer the balances. The profit and loss account balances remain at the end of the fiscal year.
Please refer the below link:
docs.microsoft.com/.../year-end-close
Thanks,
Sheela
Hello Caroline,
I cannot see a problem from the screenprints that you provided.
Have you checked the voucher no JV2020 clo4?
The closing process that you highlighted will calculate the profit / loss for 2020 and then transfer this profit/loss and the balance sheet account balances for 1st jan 2021.
The process does not close and transfer monthly closing balances or something alike.
Its a process that runs for the whole fiscal year that you have defined (Jan-Dec).
Best regards,
Ludwig
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