I closed year 2020 preliminary; is it enough tp generate the profit and loss statement and trial balance.
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Generating trial balance report
Best answer by Nagah.khaled
using GL Balances analysis is the best way to get the trial balance.
select your company, enter the financial year , system will display the trial balance from period 0 until the end
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Hi,
No. you have to complete “Cost/Profit transfer” and then complete the Final Year end
Thank you
Hello,
It is enough to prepare profit and loss statement for 2020, but it is not enough to initialize properly opening balances of year 2021 and create trial balance of 2021 - without profit and loss transferred to retained earnings, your trial balance of next year is not balanced.
using GL Balances analysis is the best way to get the trial balance.
select your company, enter the financial year , system will display the trial balance from period 0 until the end
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