Good Day All
I have a question regarding the year end process:
If year 2020 Reflects opening balance = “Final Voucher created” closing balance = “Final Balance transferred”
Then Year 2021 Reflects opening balance = “ Final Balance transferred” and closing balance = “Final Balance transferred”
Now they wish to do the final year end process for 2022:
Is there any impact due to the year 2020 showing differently to 2021?
Thank You
Mona
+16
This won’t make an impact to the following year close.
When closing a year there are 2 options - either to transfer the balance sheet balances into the next year without a voucher, or transfer them with a voucher, but the end result is the same.
Thanks Leva!
What is the Best practice when it come to transferring balance with/without voucher
also, year 2022 - reflects as below screen shot, from your experience what still needs to happen
Thanks Mona
Hi
When you close the year with balance transfer then you will have Final Balance Transferred for closing and next years. If you close with a voucher then you will have Final Voucher Created.
I recommend closing with voucher then you have transactions in GL voucher rows. If you just transfer the balance, you will see balances on GL balance analysis however you cannot analyze on row level.
Anyway, both result is correct and just matter of business practice.
For 2022, you have to close firstly all ordinary periods then transfer clear cost/revenue accounts and finally you can run final year end GL function either with voucher or with balance transfer only.
Hope this explanation helps
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