In the Close Fiscal Year Setup you can define closing groups and assign closing accounts for each group. The Main Accounts displayed in this page are of type Profit and Loss accounts.

 

To assign closing accounts to closing groups, you need to go through the following steps:

 

§  Select the Closing Group you want;

§  Select the account by clicking on the required main account/sub-account and then click  to move the selected accounts and add them to the specified closing group, or click  to remove an account from the closing group. Note that the main accounts can be defined through the Chart of Accounts sub-module.

 

Adding Closing Groups

 

 

To add a closing group click  in the Closing Groups block and perform the following steps:

 

• Enter the Name of the closing group; you can also enter the name in the second language of the system;
• Enter the Account Name that will be used for all the closing accounts in that specified closing group. Note that in this field, you can enter the account number instead of account name. Accordingly, a list will appear showing the available accounts that contain the provided number or name. The system retrieves a list of accounts that are of type Balance Sheet;
• Click  to save your work;

 

Click  to close the Closing Groups Entry block.

 

Related Topics

Close Fiscal Year