How to manage Year end closing on Posibolt.
Prerequisites
- Confirm that account posting has been fully done.
- Confirm that allocations are proper.
- Confirm that clearing accounts are zero.
- Confirm that all the reconciliations are donea
By default, there is an account “Profit/Loss Transfer Account” meant for closing year-end profit or loss to the balance
sheet. We can use this account directly to Debit[If the year-end effect is Profit] or Credit[If the year-end effect is Loss] against
Retained Earnings A/Cby using GL Journal[Accounting->GL Journal].
Journal entry:
Posibolt GL Journal Entry:
Profit/Loss Account after year-end closing
Situation 2: Net Loss During year end period = 7.000
Journal entry:
Posibolt GL Journal Entry:
Profit/Loss Account after year end closing:
Maintain Ledger
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