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How close current year entries and forward to new fiscal year as opening v7

By
Anil R. Kesariya
on 12/7/13, 1:44 AM 1,761 views

Hello Everyone,

How close current year accounting entries and forward to next year as Opening balance.

How to set close amount to all account if there no entries made in current year but as next fiscal year want to show as opening balance.

Any guidance would be appreciated.

Thank you.

Regards, Anil R.K.

3

Ahmed M.Elmubarak

--Ahmed M.Elmubarak--
2988
| 5 3 5
Sudan
--Ahmed M.Elmubarak--


Ahmed M.Elmubarak
On 12/8/13, 1:34 AM

Hi Anil ...

  • the default debit/credit accounts for the Opening journal depends on your char of account , you can specify it on the journal form [scroll the screen to right] ... but the default one which comes with the default chart of account [Opening expense account, Opening income account] .

  • 3) it is Opening entries journal not Opening Journal entries. here you specify the journal in which the entries will post , this journal you have to prepare it to suit your new fiscal year, it is as normal journal but you have to tick the : "Centralized Counterpart"

when this wizard finished , it will automatically generate an entry for you , you have to post it , after that you can close the old fiscal year, and you'll see your chart of account changed ...

I hope this could helps...

Regards ...

Ahmed M.Elmbuarak

Hello Ahmed I appreciate your answer I will follow it. Thank you.

Anil R. Kesariya
on 12/8/13, 3:12 AM

Hello @Ahmed . I have set the Income & Expenses accounts to Opening Journal and it is set by default "Centralized Counterpart". Posted all Journal entries and closed the fiscal year. but didn't get any opening balance on New fiscal year.

Anil R. Kesariya
on 12/8/13, 7:48 AM
Ahmed M.Elmubarak
on 12/8/13, 10:30 AM
3

Anil R. Kesariya

--Anil R. Kesariya--
4321
| 6 5 8
Gandhinagar, India
--Anil R. Kesariya--
ERP Consultant

Key Skill
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Technical & Functional Expert
Anil R. Kesariya
On 12/7/13, 1:59 AM

Hello All,

I found the way that how to close the current fiscal year and move to next fiscal year

1) we need to posted all journal entries.

2) Accounting>>Periodic Processing>> End of period >>Close period.

By using close period action we can close all the periods if all entries are posted sucessfully.

3) Accounting>>Periodic Processing>> End of period >>Generate Opening Entries.

This is pop up the wizard for closing current year and opening next year entries.

What default account should be set on opening Journal.

Till this I am reached now Just hang on default account for Opening journal entries.

The Opening Journal wizard these for info.

1) year to close - done 2) new fiscal year- done 3) Opening Journal entries- (Here what to set as default accounting entires. 4) Default period come for next fiscal year.

Need little push on this.

Regards, Anil Kesariya.

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Asked: 12/7/13, 1:44 AM
Seen: 1761 times
Last updated: 3/16/15, 8:10 AM