Close Income Statement - Italian Version

Jonathan2708

Hi,

Until now I've only ever worked with the GB/W1 version for closing years where you just specify the 'Retained Earnings Account'. I'm currently working on the Italian version which has the following accounts to specify :

Balancing Account No.
Net Profit Account No.
Net Loss Account No.

I have 2 questions :

1. Can I just set the 'Net Profit Account' and 'Net Loss Account' both to the same (retained earnings) account?
2. What is the 'Balancing Account No.' for?

Any help appreciated,

Jonathan

Belias

when you launch the procedure, nav will populate the specified journal, setting the account specified in balancing account no. as the balancing account for each income statement entry.

after all your accounts are moved on balancing account no., you'll have a final balancing line on net profit or net lost account account.
the majority of italian companies have one account for net profit and one for net lost, but if you have a single account "net profit/lost", you can insert it in the 2 related textboxes...there should be no problem as the amount is registered as debit or credit depending on the sign.
anyway, ask your castomer about his account(/s) for profit and lost

try to launch the procedure to undertstand it more clearly