Overview
The document will provide a step-by-step end of year process
Before Starting the Year End Process
Review the Chart of Accounts and make sure that the Income/Balance field is set up correctly for each account. Whatever is meant to be a Balance Sheet Account should be set as Balance Sheet and whatever is meant to be set as an Income Statement Account must be set as Income Statement:
Note that when a company is set up with an Additional Reporting Currency, NAV/ Business Central will automatically post the entries when the Close Income Statement is run. If the Additional Reporting Currency is blank, the entries will be created in a journal and the user would then need to post the journal manually.
Closing Financial Year
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 BC 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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