NOTE: If you are using Dimensions to close out the year end, you will only receive one retained earning line. The Total Balance on the bottom right of the journal should be zero.įigure 4 – Year End General Journal in Microsoft Dynamics Business Central The retained earnings has been closed out as you can see from the last line in the journal. Once you select the correct batch name, you will see a completed journal with a “C” in front of each line for the closing date.In the General Journals window, select the Batch Name used when closing the income statement.Go to General Journals, or In the Search box, enter General Journals, and then choose the related link.The process to close the income statement will proceed. When all the above boxes have been filled in as necessary, click OK. NOTE: When choosing dimensions, each income statement account is closed by the dimensions used, but the retained earnings account is closed by the company, NOT by dimension.ĪLSO NOTE: If you do not choose to close by dimensions or business unit, only one G/L line is created for each income statement account. An entry will be created for each dimension used in the GL account. NOTE: When closing by business unit, each income statement account is closed by business unit, but the retained earnings account is closed by the companyĭimensions – Click the …. and select the dimension boxes you want to use for the income statement close. Posting Description – Default text is close income statement (can be changed if you choose)īusiness unit code – You will only check this box if you are in the consolidation company and want to close by business unit for the income statement. Post to Retained Earnings – This provides an option to post BALANCE or DETAILS.įigure 3 – Post to Retained Earnings in Microsoft Dynamics Business Central. Retained Earnings Acc. – Select the retained earnings account to which you want to close the fiscal year. The common practice is to have a batch for year-end close (YE).ĭocument No. – Should populate automatically if you selected a No. Journal Batch – Click on the down arrow and select from the list you have the ability to create a new batch if you choose.
Journal Template – Click on the down arrow and select from list usually the selection would be “General”. Choose the icon, enter CLOSE INCOME STATEMENT, then choose the related link:įigure 2 – Close Income Statement link in Microsoft Dynamics Business Central The field values on this screen are:įiscal Year Ending Date – Populates with the date of the close fiscal year.Select EDIT LIST on the Accounting periods page > select PROCESS > select CLOSE YEAR.Choose the icon, enter ACCOUNTING PERIODS, then choose the related link:įigure 1 – Accounting Periods link in Microsoft Dynamics Business Central.When the journal is created, it posts with a “C” in front of the date, for example: C12312019 You can also post to the previous fiscal year, even if the year has been closed, if you rerun the batch job. In Business Central, you have the ability to run the Close Income statement several times. When an additional reporting currency is used, the system will post the additional currency directly to the ledger when the “home” currency batch is posted. This process creates a journal, which is posted manually. In Microsoft Dynamics 365, the Close Income Statement batch job transfers the year’s results to a Retained Earning account in the balance sheet and closes all the income statement accounts.
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