Dears
the auditors want us to close 2021 and transfer the balances to 2022
i already closed all accounting periods;
what is the next steps.
Solved
Closing Year process
Best answer by Narmada
hi
You need to perform ‘Clear Revenue Cost Balances’ function to transfer profit/ loss to retained earning account.
Then perform ‘Preliminary Year End’ process to transfer asset & liabilities to next financial year. If the balances are Ok with auditors you can do Final Year End process.
Please refer below screen previews for easier reference.
Best Regars
Narmada
This topic has been closed for comments
hi
You need to perform ‘Clear Revenue Cost Balances’ function to transfer profit/ loss to retained earning account.
Then perform ‘Preliminary Year End’ process to transfer asset & liabilities to next financial year. If the balances are Ok with auditors you can do Final Year End process.
Please refer below screen previews for easier reference.
Best Regars
Narmada
this the standard solution; in my company we entered dummy data in 2020 and real data in 2021.
we need to close 2020 without transferring any data to 2021.
so I will be able to close 2021
how i can close 2020 from back end.
Hi,
If this was me and the 2020 data was dummy data, I would reverse this data out. You should not enter dummy data into PROD and just ignore it.
How did the 2020 data get into IFS? consider reversing entries.
You could do balance analysis to get the 2020 balances, multiply that by -1, and load the result back into IFS via external voucher. Get the balance to 0 and then run the year end process.
That would be my recommendation.
Best regards,
Thomas
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