Year End Closing Balances


This option can only be run in the final period of your financial year and is only available if your system is set up to use Auto Year End Journal.

This form allows you to:

  • Generate balancing transactions between individual Profit & Loss and individual Balance Sheet accounts and nominated accounts.
  • Balance every G-type account to nominated accounts if your system is set up to use a dual ledger.

  • Create closing balance journals.

All journals created by the Year-end Closing Balance run must be posted manually before the Year End process is run..

 


To create closing balance journals:



1   Before running this option, you must ensure that the prior year Adjustment period is closed.  
     
2

Type in, or use F2-Browse to select, a posting code to journal the total of all:

  • Profit & loss accounts (non G-type)
  • Balance sheet accounts (non G-type)
  • Profit & loss accounts (G-type)
  • Balance sheet accounts (G-type)
 
3 Type in the date for the year-end closing balances run in the field Transaction date.  
     
6

To create the journals select CR-Accept.

If the program terminates prematurely for one of the following reasons, any closing balance journals already created must be deleted before the program is run again. Reasons for premature termination:

  • One of the balancing accounts is missing.
  • The next journal number cannot be obtained.
  • The journal is locked.
  • The journal is missing.
  • An exchange rate cannot be calculated.
  • A G-type account has been encountered, but no balancing codes were entered.
 




  • All accounts (including G-type accounts) are read and a journal created that balances each individual account (non G-type and G-type) to zero, with a balancing figure written to the nominated Profit & Loss or Balance Sheet account.
  • When the Year-end is run, the resulting opening balances do not include the automatically generated Profit & Loss and Balance Sheet year-end adjustment transactions.
  • The journals created will have a year indicator of B if your system is set up to use Year-end Closing Adjustment.
  • You are able to create closing balance journals in the adjustment period, as well as the closing period, if your system is set up to use Year-end Closing Adjustment. If you create journals in the adjustment period and have already created and posted journals in the closing period, you will be warned; if you continue, the closing period transactions will be removed before the new journals are created.


Application: (nl) closing_bal Form: main, stats, balance_account_gone, cannot_get_next, journal_locked, journal_missing, no_exchange_rate, no_g_balance_codes

System Keys NLADJOPEN