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Dynamics 365 Community / Forums / Microsoft Dynamics NAV (Archived) / how to close out accou...
Microsoft Dynamics NAV (Archived)

how to close out accounts in the equity section of balance sheet at yearend

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Posted on by Maria Styacko 60

We do fund accounting and have GL accounts in the equity section of the balance sheet to track transfers between funds (operating, restricted, endowment) during the year. At yearend, the yearend close task does not close these out to the main equity account. Do I just do a general jounral entry, with a posting date of "C"?

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  • Vshal Profile Picture
    Vshal 285 on at

    i would try this in a test environment and once confirmed do it in live.

    - Close Accounting Period

    - Run "Close Income Statement" batch job and transfer balances to the General Journal

    - check the balances look good, validate if you like and post the journal

    - verify if the results are as expected.

  • Jill Geiger Profile Picture
    Jill Geiger on at

    Good morning Maria.

    The first thing I would want to verify, since these accounts are in the Equity section I would then assume they are setup at Balance Sheet accounts correct? The only type of accounts that close out during the year end process that VIshal mention in the "close income statement" is if they are setup as Income Statement type of accounts. If you want to close out these accounts that are defined as Balance Sheet, this would be a manual process. You would need to do a manual entry to balance out the accounts to be at a zero balance through a journal entry as you mentioned.

    Are you using any type of add-on where you are trying to balance out everything to a general fund at the end of the year?

    Thanks,

    Jill

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