Close Income Statement Batch Job
Transfers the year's result to an account in the balance sheet and closes the income statement accounts. You do this by creating lines in a journal, which you then can post.
The batch job processes all general accounts of the income statement type and creates entries that cancel out their respective balances. That is, each entry is the sum of all the general ledger entries on the account in the fiscal year. These new entries are placed in a journal in which you must specify a balancing account and retained earnings account in the balance sheet before you post. When you post the journal, an entry is posted to each income statement account so that its balance becomes zero and at the same time the year's result is transferred to the balance sheet.
You must post the journal yourself. The batch job does not post the entries automatically, except when an additional reporting currency is being used. When an additional reporting currency is being used, the batch job posts entries directly to the general ledger.
The date on the lines that the batch job inserts in the journal is always a closing date for the fiscal year. The closing date is a fictitious date between the last day of the old fiscal year and the first day of the new year. The advantage of posting on a closing date is that you maintain the correct balances for the ordinary dates of the fiscal year.
The Close Income Statement batch job can be used several times. You can post in a previous fiscal year, even after the income statement accounts have been closed, if you run the batch job again.
Important
The fiscal year must be closed before the batch job can be run.
Options
| Field | Description |
|---|---|
Fiscal Year Ending Date |
Enter the last date in the closed fiscal year. This field must be filled in. This date is used to determine the closing date. |
Gen. Journal Template |
Enter the name of the general journal template that the entries are placed in. To see the existing general journal templates choose the field. |
Gen. Journal Batch |
Enter the name of the general journal batch that the entries are placed in. To see the existing general journal batches choose the field. |
Document No. |
If you filled in the Gen. Journal Template field and the Gen. Journal Batch field, the batch job automatically fills in this field with the next available number from the No. Series for the journal batch. You can also fill in this field manually. |
Retained Earnings Acc. |
Enter the account that the retained earnings entries are placed in. To select the account choose the field. |
Close by |
Enter a text that will accompany the entries. The default text is Close Income Statement. |
Business Unit Code |
Select if you want an entry to be created for each Business Unit Code. |
Dimensions |
If you want an entry to be created for each dimension used in the general ledger account, choose the field and select the codes of the dimensions. |
Inventory Period Closed |
This field indicates that the inventory periods with ending dates are equal to or greater than the last date of the accounting period is closed. |
If you do not want to close by business units or dimensions, only one entry is created for each account.
Tip
For more information on how to work with batch jobs, see How to: Run Batch Jobs and How to: Set Filters. For assistance in finding specific pages, see Search.
See Also
Tasks
How to: Post the Year-End Closing Entry