Hi,The opening balance for all of our balance sheet accounts is showing as £0 so my closing balance is just showing the movement which doesn't include the closing balances from 2019.Do you have to perform some sort of a year end process to move the balances into 2020?Cheers,Sam
Sam the year close process it just moves balances does not do anything in regards of existing transactions. Of course the voucher it makes to move these p/l balances will be in the 13th period.
Hi Ludwig,
What I mean is, when I do the year end process and move the balances across to the start of the next year, will all transactions (invoices, journals etc) from that point onwards post into period 13?
Thank you for all of your answers guys.
Cheers,
Sam
Additionally if you really want to post into the closing period 13 which i assume as per your period definition it is the closing type instead of operations you can only do so with the "Closing Sheet" process GL-->Periodic-->Financial Year close-->Closing sheet.
You can see more details in this blog entry:
god365erp.wordpress.com/.../
I actually create a different journal named "auditadj" for tracking purpose and post to the required month wherever the audit adjustment needs to be posted in.
I would be interested in what the best practices are for such cases
Good Morning Sam,
Have you been able to get this issue resolved?
Best regards,
Ludwig
Hi Sam,
The closing transactions will be posted in a closing period and the opening transactions in an opening period.
When you run the year end closing process you can define whether the closing transactions will be posted in period 12, 13, 14 or any other closing period that you setup.
That is up to you.
I would assume that you use the same period that you used the last time, which is period 12, right?!
Apologies, Ashwin. I haven't had a chance to read/watch your blog post in full yet.
Thank you for all fo your answers.
1 last question (hopefully)... if we perform the year end process and transfer the opening balances across... will any adjustments after this begin to post into period 13? Or will they still post into period 12.
Thanks in advance.
The year end closing process can be run as often as you like.
This is actually quite common especially when auditors request changes before finalizing the results for the previous years and closing the books.
Yes it can I have mentioned that in the post :) please read it carefully
Hi,Thank you for this.Is this a process that can be run more than once?
We haven't completed our year end process yet and will be finalising details for the next few weeks.
Cheers,Sam
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