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Hi,
There is a need to move the Income Statement Surplus/Deficit to Balance Sheet monthly.
Is there any other options to do it without the standard procedure of Closing the year - Closing the Income Statement?
Thank you very much!
You could prepare a general journal batch with all income statement accounts and the save it as a template so you can grab it again easily. Include a line for the retained earnings account too. You would have to save it without amounts. Use edit excel to then pass in the balance which you could grab off of an “Open in Excel” of the CoA page. Alter the posting date so it has a “C” at the start. This is a work around idea but I think the close income statement method is better as it will do most of the heavy lifting and consider dimensions too. If the standard is limiting I would have it changed. A monthly activity like this would be worth the small investment
Julia,
Adding to Josh's reply, as an Accountant, since this is an internal request to make this simple and keep the Close Income Statement process at year-end intact, you could create a Recurring/Reversing Journal Entry, with 1 GL Account Retained Earnings (Balance Sheet) and the other to a new GL Account called (Monthly Net Income - Income Statement). Each month you will enter the Net Income or Deficit into the entry for through the posting date. So for March you have January thru March Net Income/Deficit to enter. It will reverse on 4/1/21 and you do this each month. When December ends, you run the Close Income Statement process. Note I am not trying to close each Income Statement account but just the Net Income/Deficit thru a period.
Hope this helps.
Thanks,
Steve
Thank you very much Josh and Steve! I think both options are valid solutions for that question. I have offered both of them plus another one: If they wouldn’t like to make the transfer and just need to see the current year earnings on the Balance Sheet report, we can create Account Schedules replicated the Balance Sheet report structure that will reflect the current year earnings on the Balance Sheet. In this case, they will properly close the Balance Sheet and Income Statement using the system batch job at the end of the year and still will be able to see the current year earnings on the report on monthly basis.
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