The End of Year Journal is an essential add-on and feature to Microsoft Dynamics 365 Business Central, especially since it is an accounting and finance system. In turn, this addon supports precise financial reporting and compliance. The primary function is to gather all General Ledger Entries which consist of the End of Year journal template and compute the Net Change values accordingly within the Chart of Accounts page.
This add-on is particularly crucial because the user is certain that all documents and journals have been posted, thus data tracking is made easier. Moreover, the End of Year Journal summarizes the business's financial performance throughout the year.
Availability of the End of Year Journal
The main functionality of the End of Year Journal can be found on the Chart of Accounts page, specifically the Source Code Net Change field, as seen below:
Before being able to see the column ‘Filter by totals’ there are some steps that need to be done:
Create a new Source Code
Assign the End of Year Source Code within the Source Code Setup page
Create a new General Journal Template
Create and Post Journal Lines
Filter by totals within the Chart of Accounts page
Creating a new Source Code
Within the search bar in Business Central search for the Source Codes page. This page holds all of Business Central’s available source codes that can be used.
After entering the Source Codes page, click on the + New action button which is located at the top. A new empty line will be available, and here the desired source code and description for that source code must be typed.
Once the Source Code and Description have been filled in, press the Enter key on the keyboard to submit your entry.
If changes need to be done to the Source Code for some reason, the below modal will pop up. Click Yes to continue.
The created entry or other available codes can be found either by source code or respective description using the pages' search bar. In this case the Source Code was set as EOYJNL and the description as End Of Year as seen below:
When all changes have been done and submitted, the page can be closed.
Assigning the Source Code within the Source Code Setup
Use the search bar in Business Central to locate the ‘Source Code Setup' page. This page is used to define source codes and reason codes for audit trails.
Click on the last section listed as End Of Year on this page.
After opening this section, click on the down arrow within the drop-down list/menu and choose the End Of Year Source Code setup in the previous step.
This page can be closed after choosing the Source Code, as it will be automatically saved.
Creating a new General Journal Template
Navigate to the ‘General Journal Templates’ by utilizing the search bar in Business Central. This page in Business Central enables users to create and maintain journal templates for a variety of financial transactions on the 'General Journal Templates' page.
Click on the + New action button at the top of the page so that can create a new general journal template. Once clicking on this button an empty row will appear.
Enter the Name and Description of the End of Year Journal template within the first two cells.
Next choose the Type of journal from the drop-down list.
