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Go to accounting Period
Click on Process then click Close Year Button
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Running the Year-End Procedure
From the Search Box, type Close Income Statement and select the loaded link.
A window will be loaded with a number of fields that need to be populated:
Fiscal Year Ending Date is usually loaded automatically
Fill in the General Journal Details (Template and Batch)
Fill in the other Details as per Company agreed setup:
Document No.
Posting Description
Retained Earnings Account
Select the Dimensions being utilised
Click OK
If the Additional Reporting Currency is populated, NAV will automatically post the entries. In this case, go to the Retained Earnings account in the Chart of Accounts and verify that new entries have been posted:
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If the Additional Reporting Currency is blank, then the below additional steps are required:
Go to the journal template and batch which was previously chosen when running the Close Income Statement Report
Post the entries found in the batch
Go back to the Account Periods screen and Create the Year. If the year was already created, then skip this step.
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| Note |
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There is a possibility that errors occur during the Close Income Statement process or the posting process due to Dimensions. If this happens, save a copy of the Account Type Default Dimensions, delete the records and re-try the process. Once the values are posted, re-load the dimensions. Please contact NAV/Business Central support to help with this step. |