About year end Process

rinki123
rinki123 Member Posts: 367
edited 2010-03-06 in NAV/Navision Classic Client
Ques:In Navision there are three steps to close a fiscal year -
(1)Closing the fiscal year using the Accounting Period Option,
(2)Generating a year-end closing entry using the Close Income Statement option,
(3)Posting the year end closing-entry along with offsetting equity account entries.
I have done 1st option suceesfully but i am little confuse about another 2 option.Can anyone suggest me the right way to do this.Thanks in advance.
Regards,

Rinki

Answers

  • ssingla
    ssingla Member Posts: 2,973
    Run the report and it will create the required entries in the Gen. Jnl (You have the option of selecting the template and batch information).
    You can check and post the transaction.
    CA Sandeep Singla
    http://ssdynamics.co.in
  • hardik_shah
    hardik_shah Member Posts: 219
    Click Financial Management ----> General Ledger ----> expand Periodic Activities ----> Fiscal Year and click Close Income Statement.

    Than u have to enter value in Gen. Journal Template , Gen. Journal Batch , Document No.....

    This is basic startup of Transfer income statement balances to balance sheet........
  • David_Singleton
    David_Singleton Member Posts: 5,479
    rinki123 wrote:
    Ques:In Navision there are three steps to close a fiscal year -
    (1)Closing the fiscal year using the Accounting Period Option,
    (2)Generating a year-end closing entry using the Close Income Statement option,
    (3)Posting the year end closing-entry along with offsetting equity account entries.
    I have done 1st option suceesfully but i am little confuse about another 2 option.Can anyone suggest me the right way to do this.Thanks in advance.

    This is an extremely simple process. BUT it is also very easy to mess up and make a disaster out of the companies accounts (yes it is also easy to fix). If you are doing this for the first time, that is what your seniors and your mentors are there for. Have one of them guide you though it to make sure that its done properly and that you learn for next time.

    If you don't have a senior and a mentor to help you, then leave the company and get a job somewhere else.
    David Singleton

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