� Introduction
This screen allows you to manage yearly financial statement. It closes all operational and account records with a post date earlier than the target settlement date. After completing the settlement, it transfers the profit/loss amount to retained earnings.
Navigation: Accounting > Closure > Year End Settlement
� Create Year End Settlement report
- Select Year End Process type to create, or cancel Year End Settlement.
- Last Process Year will be the last year that Year End settlement is finished. If you have not made the Year End settlement, the last process year will be the accounting beginning date specified in the system options.
- Processing Year is the year you execute Year End processing.
- Accounting block should be done before Year End
- Click on the Apply button to generate the report.
- The year closed and carry over the retained earning balance. If you do year end at December 2015, 12-31-2023's Retained Earning and Net Income will become 01-01-2024's Retained Earning amount.
This would not allow any users to make any revision to the closed data. That is, nobody can touch or edit unless year-end is canceled.