Set Up and Close Income Statement Balances

You can use income statement balancing accounts to balance and track several accounts at the same time. The Close Income Statement batch job transfers income statement accounts to an account in the balance sheet, and closes the income statement accounts. When the Close Income Statement batch job is run, the entries are automatically posted.

Note

The fiscal year must be closed before the batch job can run.

To set up the income statement balance account

1. Choose the icon, enter Chart of Accounts, and then choose the related link.

2. Select an existing general ledger account, and then choose the Edit action to open the G/L Account Card page.

3. Expand the General FastTab.

4. In the Income Stmt. Bal. Acc. field, select the adjustment account for the auxiliary commercial account.

   Note

   During adjustment, balances will be expensed or credited to this account.

5. Enter information into the required fields, and then choose the OK button.

To close income statement balances

1. Choose the icon, enter Close Income Statement, and then choose the related link.

2. In the Options FastTab, fill in the fields as described in the following table.

   Field	Description
   Fiscal Year Ending Date	Select the date of the closed fiscal year.
   Gen. Journal Template	Select the required general journal template.
   Gen. Journal Batch	Select the required general journal batch.
   Document No.	Enter the document number.
   Retained Earnings Acc.	Select the account for the retained earnings entries.
   Posting Description	Enter the required description.

3. In the Close by section, fill in the fields as described in the following table.

   Field	Description
   Business Unit Code	Select to create an entry for each business code.
   Dimensions	Select to create an entry for each general ledger dimension.
   Inventory Period Closed	Select to indicate that the inventory period with ending dates equal to or greater than the last date of the accounting period is closed.

4. Choose the OK button.

See Also

Spain Local Functionality

Note

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