After you use the Close Income Statement batch job to generate the year-end closing entry or entries, you must open the journal you specified in the batch job, and then review and post the entries.
Tip
Depending on your organizations work processes, you can choose to close or not close accounting periods and fiscal years in Business Central. The following procedure assumes that you have closed the fiscal year using the Accounting Periods option, generated a year-end closing entry using the Close Income Statement batch job, and are now ready to post the year-end closing entry along with the offsetting equity account entries. Your organization can choose to work differently, such as post the year-end closing entry as part of closing the fiscal year.
To post the year end closing entry
Choose the icon, enter General Journal, and then choose the related link.
On the General Journal page, in the Batch Name field, select the batch that contains the closing entries.
Review the entries.
To post the journal, choose the Post action.
Note
If an error is detected, an error message is displayed. If the posting is successful, the posted entries are removed from the journal. After posting is complete, an entry is posted to each income statement account so that its balance becomes zero and the year's result is transferred to the balance sheet.
In this article See also Start a free trial! At the end of a fiscal year, there are a number of administrative tasks you must perform, such as making sure all documents and journals are posted, ensuring currency data are up to date, closing the ...
There are a number of standard reports that you can use to gather the information that you need to prepare your company's closing statements. The following table describes a number of reports that may be useful in this process. To See this report ...
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In this article To specify posting periods Video guidance See also Use posting periods to specify when users can post to the general ledger. To specify posting periods Choose the icon, enter General Ledger Setup, and then choose the related link. On ...
In this article To close accounting periods See Also When a fiscal year is over, you must close the periods that comprise it. To close accounting periods Choose the icon, enter Accounting Periods, and then choose the related link. On the Accounting ...